Alex Dudov
Bitcoin (BTC) kicked off November facing selling pressure, sliding toward the critical $104,000 support level as traders digested a rejection at major technical resistance. The daily chart shows a sharp decline after multiple failed attempts to hold above the $111,000–$114,000 range.
Technical Overview: Bitcoin at a Pivotal Zone
Crypto analyst Cantonese Cat noted that the Gann Square arc—a geometric tool for spotting cyclical turning points—was "hit this morning," suggesting Bitcoin may have reached a temporary inflection point.
The rejection around $114,000 triggered a quick drop, with Bitcoin now hovering near $104,300 on the lower support trendline. Key levels include resistance at $111,000–$114,000, immediate support at $103,000–$105,000, and a next target around $98,000 if selling pressure intensifies. A close below $103,000 could confirm a breakdown, while a bounce might set up another run at $110,000.
Market Context and Momentum
Bitcoin's pullback reflects a broader cooldown across crypto markets, with momentum indicators weakening after October's gains. Despite positive sentiment around ETF inflows, traders remain cautious as price action tightens. The Gann arc rejection suggests a consolidation phase rather than a full reversal. The structure stays neutral to bullish above the $97,000–$100,000 base area.
Watching for Confirmation
Traders are watching whether $104,000 holds. A rebound would validate this as solid support, potentially reactivating the bullish trend. A close below $103,000 would open the path to $98,000. The chart shows a crossroads: Bitcoin remains in an ascending framework, but pressure is building. The next few days will reveal whether this becomes a broader correction or just a healthy pause.
Alex Dudov
