**Bitcoin Price Cools After October Peak: Key Support Levels in Focus**
Bitcoin’s price has retreated from its October highs, drawing investor attention to the crucial $91,000–$97,000 support zone. As of now, Bitcoin is trading near $102,292, down 1.3% over the past day. The market experienced softness throughout the last week, falling about 7% in seven days and roughly 16% over the past month. Currently, the price sits around 18% below the record high of $126,080 reached in early October.
**Trading Activity Increases Despite Softer Market**
Spot market volume reached approximately $69.5 billion in the past 24 hours, marking a 14.8% increase from the previous day. In the futures market, total trading volume rose 8% to $107.5 billion, with open interest also up by 1.4% to $69.6 billion. When open interest climbs while prices slip, it generally indicates that traders are adding positions rather than stepping back—a dynamic that can extend the current market trend.
**MVRV Ratio Highlights Cooling Momentum, Not Full Reversal**
A recent analysis by CryptoQuant contributor Sunny Mom (Nov. 6) highlights a growing divergence in Bitcoin’s MVRV ratio—a metric that tracks unrealized profit across the network. Throughout this cycle, the MVRV ratio has consistently found support within the 1.7–1.8 range, serving as the market’s “profit floor” since early 2024. Historically, this level stabilizes the market once selling pressure eases.
A retest of this region would align closely with the $91,800–$97,200 price area and is technically significant because it overlaps with an unfilled CME gap near $92,000. Although earlier in the cycle prices climbed, the current bearish divergence in MVRV indicates compression in unrealized profits. This suggests buyers are exercising greater caution, but does not confirm a cycle top. Notably, a similar divergence was seen in 2017 just before Bitcoin’s final parabolic surge.
**Slowing Corporate Accumulation**
Meanwhile, corporate Bitcoin accumulation slowed in October. Companies bought approximately 14,400 BTC last month—a sharp drop from September’s 38,035 BTC. The market capitalization of Bitcoin-holding firms has also decreased relative to their holdings, underscoring a more cautious sentiment among investors amid the recent price correction.
**Technical Analysis: Short-term Outlook Remains Cautious**
Bitcoin’s ongoing price action remains bearish in the short term, as the asset continues to trade below major short- and long-term moving averages. Unlike a typical oversold scenario, the current market “cooling” is reflected in the Relative Strength Index (RSI), which is hovering near 37.
Both the Commodity Channel Index (CCI) and momentum indicators show early signs of stabilizing, with hints of value-based buying at current levels. However, the MACD remains negative and most moving averages sit above the current price, highlighting ongoing downward pressure in the near term.
A decisive break above $105,800 could reinvigorate bullish momentum. Conversely, failure to hold above $97,000 would likely lead to a test of the CME gap region around $92,000.
**Conclusion**
The Bitcoin market is currently at a critical juncture, with price action, technical indicators, and on-chain metrics all pointing to increasing caution among traders. While downside risks remain, strong support between $91,000 and $97,000 will be key to watch in the coming days and weeks.
https://bitcoinethereumnews.com/bitcoin/bitcoin-price-nears-key-91k-97k-support-zone/