BTCUSD Market Analysis- November 8
Bitcoin continues to experience heightened selling pressure in the market, as bearish momentum strengthens following repeated rejections from key resistance zones.
Bitcoin(BTCUSD) Key Levels
Support Levels: $97,900.00, $88,000.00
Resistance Levels: $109,500.00, $124,000.00
BTCUSD Long-Term Trend: Bearish
Bitcoin continues to display a dominant bearish trend after facing a strong rejection from the $124,000 supply level in early October 2025. This rejection triggered an extensive downside movement, causing the price to fall below the $109,500 supply zone. The sustained selling pressure highlights the firm control sellers currently maintain over the market as price moves steadily toward the $97,900 demand level.
The daily Moving Average reinforces this bearish outlook, as price action remains positioned clearly below the indicator — a signal that market sentiment continues to favor sellers. This technical confirmation aligns with the broader trend structure, which has consistently shown lower highs and lower lows, typical of a strongly bearish market phase.
However, as price approaches the $97,900 demand level, the daily Relative Strength Index (RSI) shows Bitcoin nearing the oversold region. This indicates that a short-term bullish correction could be imminent, though such a move would likely serve only as a temporary retracement within the larger bearish framework. Any bullish momentum observed should therefore be treated with caution, as the overall long-term market bias remains decisively bearish.
BTCUSD Medium-Term Trend: Bullish
On the 4-hour timeframe, Bitcoin is showing early signs of a corrective bullish move. The emergence of a double-bottom pattern suggests potential upward momentum, supported by the fact that price has climbed slightly above the 4-hour Moving Average, strengthening short-term bullish expectations.
Despite this temporary optimism, the move remains a retracement within the prevailing bearish structure. Unless price successfully breaks and holds above the $109,500 supply zone, the primary downtrend is expected to resume, with sellers targeting a possible continuation toward the $97,900 demand level and potentially beyond.
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