Bitcoin clawed its way back to $102,500 today after getting absolutely hammered earlier this week. The rally came after BTC briefly dipped close to $100,000 this morning before recovering throughout the trading session to hit highs of $103,859.
Just a few days ago on November 4th, Bitcoin crashed below $100,000 for the first time since June, bottoming out at $99,070. That put it more than 20% down from October’s high of $126,000, which technically counts as bear market territory.
The selloff came from multiple directions at once; macro pressures, political uncertainty, Fed hawkishness, and China trade tensions all combined to crush sentiment. During Powell’s last press conference, he said December rate cuts aren’t guaranteed, and Bitcoin immediately tanked to $109,000 before bleeding further through the week.
Despite the chaos, some big institutions remain bullish. JPMorgan still forecasts Bitcoin could hit $170,000 within 6-12 months, arguing it’s undervalued compared to gold. After six days of withdrawals totaling $2.05 billion, US Bitcoin ETFs finally saw $240 million in inflows led by BlackRock and Fidelity.
Technical indicators are mixed, though. Bitcoin’s stuck between $100K-$102K support with resistance at $106K-$114K. On-chain data shows friction between short-term holders capitulating around $107K-$110K and long-term holders defending $95K-$96K.
Cathie Wood recently cut ARK’s 2030 Bitcoin forecast from $1.5 million down to $1.2 million, while Galaxy Digital slashed their year-end target from $185K to $120K.
Conclusion
Bitcoin rebounded to $102,500 after a tumultuous week that saw it briefly fall below $100,000 to $99,070 amid Fed hawkishness, macro pressures, and $2.05 billion ETF outflows before stabilizing.
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