• Bitcoin is trading at $106,368 with a $2.12T market cap as whales purchase 26,500 BTC.
• Derivatives volume declined by 48.30% to $59.20 billion, and open interest remains steady at $68.33 billion.
• Analysts project a November resurgence toward $123,000 as gold momentum loses steam and liquidity grows.

Bitcoin is showing signs of a potential rebound after a sharp correction earlier this month. Despite trading slightly lower at $106,368, market conditions are aligning for a possible November breakout. Rising liquidity, renewed whale accumulation, and fading gold momentum are fueling optimism for Bitcoin’s next major move.

Bitcoin is currently trading at $106,368, having traded at $35.56 billion in the last 24 hours with a market capitalization of $2.12 trillion. BTC has a 58.82% market dominance and has fallen by 0.38% over the last 24 hours.

Bitcoin Poised for Strong November Recovery

Earlier this month, Bitcoin experienced an abrupt 14% flash crash on October 10, plummeting from $123,000 to $105,000 and liquidating $19 billion. This sharp correction cleared excessive leverage, setting the stage for a possible rebound.

Crypto Patel highlighted that the current market condition is similar to the June-to-July configuration, predicting a possible November short squeeze. Increased U.S. dollar liquidity and renewed open interest are indicators that momentum could shift strongly back toward Bitcoin.

At the same time, gold’s rally, up 62% year-to-date, appears to be losing steam, leading some analysts to expect capital rotation from gold into BTC as investors seek higher returns in risk assets.

To the overall bullish sentiment, the on-chain information also indicates that more than 26,500 BTC have just been transferred into whale accumulation addresses. These voluminous inflows in the past tend to be indicators that major investors are accumulating during the downswings, predicting the uptrend.

With volatility straining and market interest rebuilding, BTC could soon make a decisive move. As past cycles have shown, quiet phases rarely last long before explosive price action follows.

Also Read | $20 Billion Gone: Bitcoin’s Creator Satoshi Hit Hard as BTC Faces Major Correction

Bitcoin Derivatives Maintain Stability Despite Volume Dip

The Bitcoin futures market registered a 48.30% fall in trade volume, plummeting to $59.20 billion. The precipitous fall is an indication that the traders are being cautious, perhaps holding their breath for fresh market signals before initiating fresh positions. 

Open interest, the aggregate active futures and options positions, registered a bare 2.53% fall, standing at $68.33 billion currently. The indication is that while the trade activity was sluggish, participation in the market as a whole and investor positions are quite stable.

The OI-Weighted index stands at 0.0034% showing a market that is nearly neutral in nature. The figure is still showing that the investors are not significantly bullish or bearish. It reflects a cautious equilibrium in the derivatives market, where participants are closely observing Bitcoin’s price trends and macroeconomic signals before making decisive moves.

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