BTC (Bitcoin) fell 2.59% in 24 hours

Gate News Bot news, on November 5th, according to CoinMarketCap, as of the time of writing, BTC (Bitcoin) is currently reported at $101,600, with a fall of 2.59% in the last 24 hours, reaching a high of $113,600 and a low of $99,000, with a 24-hour volume of $119.22 billion. The current market capitalization is approximately $2.03 trillion, a decrease of $53.895 billion compared to yesterday.

Bitcoin is an innovative payment network and a new type of currency. Bitcoin operates on a peer-to-peer technology, with no central authority or bank controlling it; transaction management and Bitcoin issuance are carried out collectively by the network. Bitcoin is open source; its design is public, and no one owns or controls Bitcoin, allowing anyone to participate. Through its many unique properties, Bitcoin enables exciting uses that no previous payment system could cover.

Important news about BTC recently:

1️⃣ Large investors are re-entering the market, indicating a recovery in market confidence A large investor who sold BTC last November has recently re-entered the market, buying 800 BTC at an average price of $106,060, for a total value of approximately $84.87 million. This investor previously made a profit of $120 million through three rounds of BTC swing trading. This move indicates that some influential investors still hold an optimistic outlook on the current price level, which may lead to more funds flowing in.

2️⃣ Technical indicators show potential support, but there is still uncertainty in the short term The price of Bitcoin is currently approaching the 21-week moving average, which has shown significant reference value in multiple past cycles. Although there may be a possibility of further declines in the current trend, it does not indicate the end of the overall market situation. This reminds investors to maintain rationality amid short-term market fluctuations and to focus on long-term trends and time-tested technical indicators.

3️⃣ Institutional capital flow shows divergence, market sentiment is cautious In the past week, approximately $800 million in net outflows were observed in BTC spot ETFs, while ETH spot ETFs experienced a slight net inflow. This divergence in capital flow reflects the differing attitudes of current market participants towards different crypto assets. The short-term trend of BTC remains in an uncertain game stage, with institutional investors adopting a cautious stance, which may lead to increased market volatility.

From a technical perspective, the BTC price has been fluctuating around the $100,000 mark and may continue to maintain a high volatility trend in the short term. Investors should closely monitor the breakout of the $118,000 resistance level while being wary of potential pullback risks. In the current uncertain market environment, it is advisable to take a wait-and-see approach and focus on the establishment of long-term trends.

This message does not constitute investment advice; investors should be aware of market volatility risks.