BTCUSD Market Analysis – November 4
Bitcoin’s recent price action signals a clear shift in market sentiment as bearish momentum strengthens, breaking key support zones and hinting at deeper corrections ahead.
Bitcoin (BTCUSD) Key Levels
Support Levels: $97,700.00, $89,300.00
Resistance Levels: $108,400.00, $124,000.00
BTCUSD Long-Term Trend: Bearish
Bitcoin has officially transitioned into a bearish phase following a decisive break of market structure. The shift occurred as price dropped below the $108,400 supply level, effectively invalidating the previous bullish trend and signaling a broader downward continuation. This decline also marks the end of the prolonged consolidation range between the $124,000 and $108,400 levels.
The daily Moving Average reinforces the bearish sentiment, with price trading firmly below the indicator—confirming downward momentum. As this trend persists, Bitcoin is expected to extend its decline toward the $97,700 demand level, and possibly the $89,300 zone if bearish pressure remains dominant.
Meanwhile, the daily Relative Strength Index (RSI) is approaching the oversold territory, hinting at the possibility of a temporary bullish correction. Such a pullback could serve as a necessary retracement to reactivate the daily bearish order block before the dominant downtrend resumes.
BTCUSD Medium-Term Trend: Bearish
On the 4-hour timeframe, Bitcoin maintains its bearish structure, though signs of an impending pullback are beginning to surface. The 4-hour RSI indicates oversold conditions, suggesting that a short-term bullish recovery could occur in response to exhaustion among sellers.
Currently, price action is forming a new bearish leg as it nears the $97,700 demand zone. This area could act as a potential support base for a corrective rebound, providing the liquidity needed to retest the previous order block before a continuation of the overall bearish trend.
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