While Bitcoin remains under pressure around the $100,000 level, short-term losses are mounting as selling from older wallets coincides with continued ETF outflows, explains Giottus CEO Vikram Subburaj | Photo credit: Dado Ruvic
Bitcoin is experiencing resistance around $104,000-$105,000, limiting upside momentum, while Ethereum faces a similar hurdle around $3,500. ETF inflows returned on November 5 after five consecutive outflow sessions.
Bitcoin ETFs traded at $238.5 million, and Ethereum ETFs at $28.1 million. However, both BTC and ETH remain below the major moving averages, leaving the near-term outlook neutral to bearish. Riya Sehgal, research analyst at Delta Exchange, noted that a breakout above $105k for BTC and $3.6k for ETH would be needed to confirm a stronger recovery.
While Bitcoin remains under pressure around the $100,000 level, short-term losses are mounting as selling from older wallets coincides with continued ETF outflows, explains Vikram Subburaj, CEO of Giottus.
On-chain data shows that the Spent Output Profit Ratio (STH-SOPR) for the short-term holder is below par, confirming that the most recent buyers are now selling at a loss. However, current levels are still above past panic points, indicating that the market is under pressure but not yet fully capitulating.
Recent weakness
The recent weakness was driven by hawkish comments from the Fed chairman on the December rate cut and liquidations of over $1.1 billion. However, the renewed ‘buy the dip’ narrative among investors has supported a mild recovery. Historically, such pullbacks during bull runs are quite common. During the 2017 rally, Bitcoin saw six major corrections of 30-40 percent before reaching $20,000 for the first time, and again followed a similar pattern in the United States. Cycle 2020-2021,” said Edul Patel, CEO of Mudrex.
However, sentiment is expected to improve. The Federal Reserve injected $29.4 billion into the system. In addition, the Chinese central bank has deployed a record injection of cash to strengthen the domestic banking sector. These coordinated liquidity moves signal an inflection point for global risk assets, especially Bitcoin, and point to a trend reversal in the coming weeks.
Published on November 6, 2025
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