Bitcoin price reached $103,500 today after a week of tumultuous trading. Bitcoin started the day down close to $100,000 but rebounded throughout market trading to highs of $103,859 today.
Earlier this week, Bitcoin plunged below $100,000 for the first time since June on November 4.
The slump came amid macro pressures, political headlines, and fading risk appetite, pushing bitcoin down to $99,070 and more than 20% off its October high of $126,000, technically entering a bear phase.
The sell-off follows October’s massive liquidation events, a series of hacks, and trade tensions with China.
The Federal Reserve’s hawkish tone, including a modest rate cut and signals that further cuts may not come, weighed on sentiment.
During the Fed’s most recent press conference, Jerome Powell said that December’s rate cuts aren’t guaranteed, Bitcoin’s price immediately reacted — plunging to $109,000 on the day. Since then, the price continued bleeding into this week. The broader crypto market reacted similarly.
Powell said that inflation excluding the impact of tariffs is “not so far” from the central bank’s 2% target, but emphasized that policymakers have “not made a decision about December.” Powell noted that officials held “strongly differing views” during today’s meeting.
A stronger U.S. dollar added pressure. Technical charts show Bitcoin struggling around its 200-day moving average, with support near $96,000, according to Bitcoin Magazine Pro data.
Despite this, some bulls, including Michael Saylor’s firm, continue buying the dip, signaling cautious confidence.
Bitcoin price technical analysis
Despite the volatility, major institutions like JPMorgan remain bullish, forecasting a potential rise to $170,000 within 6–12 months, citing undervaluation relative to gold and the conclusion of heavy deleveraging.
Technical indicators offer mixed signals. Up to today, Bitcoin has been trading in a tight $100,000 –$102,000 support corridor, facing resistance at $106K–$114K.
Short-term buyers have exhausted momentum, while on-chain data highlights friction between capitulating short-term holders at $107K–$110K and long-term holders defending $95K–$96K.
Institutional flows show tentative accumulation: after six days of withdrawals totaling $2.05 billion, U.S. spot Bitcoin ETFs recorded $240 million in inflows, led by BlackRock and Fidelity.
Whale activity indicates profit-taking rather than panic, with over 319,000 BTC reactivated in the past month, mostly held six to twelve months.
Recently, Cathie Wood lowered ARK Invest’s 2030 Bitcoin forecast from $1.5 million to $1.2 million, citing stablecoins increasingly taking on Bitcoin’s transactional role while reaffirming its long-term “digital gold” potential.
Galaxy Digital also cut its year-end Bitcoin target from $185,000 to $120,000, pointing to whale selling, rotations into other assets, and leveraged liquidations, while describing the market as entering a “maturity era.”
This post Bitcoin Price Jumps to $103,000 After Tumultuous Week first appeared on Bitcoin Magazine and is written by Micah Zimmerman.