Bitcoin started November with a dip to $107,000 as traders brace for support retests. Price action gives a grim sense of deja vu, with seasonality calling for gains. US-China trade deal hopes sustain stocks, but crypto fails to join. Institutional demand hits seven-month lows compared to newly mined BTC supply.

Bitcoin fell to $107,000 post-weekend gains, prompting a trader to forecast a challenging trading week. BTC/USD erased weekend gains, with warnings over a “Sunday pump.” Expect a range-bound environment with lows potentially retested. Key support at $101,150 could see an aggressive bounce.

BTC price recovery odds collapse as stocks start strong. Bitcoin down 2% in November, with concerns over the worst October performance since 2018. Prediction markets show low sentiment, with a 33% chance of BTC finishing above $120,000. The Fear & Greed Index remains in “fear” territory.

Trade-war relief boosts stocks as a hawkish Fed raises uncertainty. Markets optimistic over US-China deal, but crypto remains unaffected. Bitcoin’s correlation to stocks breaks down, now moving with major tech stocks. US economic policy uncertainty grows, with Fed rate-cut odds at 63%.

Bitcoin institutional demand falters, causing concern over daily supply increase. Outflows from US spot Bitcoin ETFs raise alarms, as institutional appetite lags. Net institutional buying drops below daily mined supply for the first time in seven months. Institutional supply drain reverses, ETF progress seen as market maturation.

Bitcoin retail investors retreat as active BTC addresses decline. Price action sparks mass liquidations, limiting network activity. Market cycle extends due to retail absence, delaying natural end. Metcalfe’s Law supports theory of overvalued Bitcoin, potential drop to $98,500 predicted.

Read more at Cointelegraph: Bitcoin Gets Sub-$100,000 Target as BTC Price Cancels Weekend Gains