Bitcoin (BTC) dropped by 3.20% on Monday, despite a generally healthy mood across risk-on markets, and continued its downtrend after posting a red October.
The top cryptocurrency declined to around $107,000 from $110,750, indicating a growing de-risking strategy among crypto traders ahead of the private sector data releases this week. US stock futures were net positive amid easing U.S.-China trade tensions and AI bubble fears.
Is this dump hinting at a bearish November ahead? Let’s examine.
This region also intersects with the lower boundary of a broadening wedge pattern that has defined BTC’s structure since April 2025.
A sustained defense of this area could trigger a short-term rebound toward the $110,000 resistance level, and potentially the 50-day exponential moving average (50-day EMA; the red wave) near $112,490.
This would represent a retest of the upper boundary of the short-term downtrend within the wedge.
However, if Bitcoin closes decisively below $106,000, the next downside target sits near the 0.5 Fib level at $100,600, a psychological and technical support area. A breakdown below $100,000 could confirm a deeper bearish continuation toward $94,900 (the 0.618 Fib level).
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See all Bitcoin forecastsBitcoin Sharks Accumulating Despite Correction
Addresses holding between 100 and 1,000 BTC—known as “sharks”—have continued accumulating despite Bitcoin’s recent pullback.
Data from Glassnode shows that these mid-sized entities have added steadily to their holdings since mid-October, pushing their collective balance to new record highs above 3.78 million BTC.
This persistent accumulation trend suggests growing confidence among experienced investors, even as prices retest key support levels near $107,000.
Historically, shark buying activity has coincided with accumulation phases that precede major bullish reversals, as seen in late 2024 and early 2025.
Their buying into weakness implies that Bitcoin’s downside may be limited in the near term, with sharks positioning for potential rebounds toward $110,000–$112,000 in November.
