According to Bloomberg Intelligence’s Mike McGlone, Bitcoin has entered a do-or-die phase as traders watch the narrow price range for signs of direction. From an October 6 level of $123,500, the coin fell nearly 20% to a low of $99,900 on November 4 before recovering to around $106,350. Reports indicate that the move has left Bitcoin roughly 14% below its October peak.
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Make or break the Bitcoin zone
Based on trendlines and monthly charts, McGlone points to a reversal pattern after a multi-month rally that culminated in the October 6 high on some charts at $126,270. The immediate technical test is the 200-day moving average, which is near $110,000.
Bitcoin do or die: $110,000-$100,000
Bitcoin’s flipping pattern on the monthly charts could signal the opposite of gold’s bullish flag until August. The crypto fell below its 200-day moving average to $110,000 by November 7 — a key hurdle for a recovery signal.
Full report on… pic.twitter.com/n4MMZfhuL3— Mike McGlone (@mikemcglone11) November 10, 2025
In his opinion, Bitcoin it must be pushed above that level to clearly demonstrate new growth. If it fails, there is a risk that the sellers will regain control and prices will fall further below the current range between $100,000 and $110,000.
Resistance and torque signals
Reports highlighted other warning signs. Long top wicks appeared on recent candles, a sign that buyers were being checked near the top. The 12-month simple moving average has started to decline after a steady rise, suggesting that buying demand is slowing.
Trader and analyst Michaël van de Poppe pointed to strong resistance in the $108,000 to $110,000 zone. According to him, breaking that range could open the door to a return to the highs, and if that happens, altcoins could run harder than Bitcoin.
Institutional moves and market sentiment
Institutional buyers remain active. The Michael Saylor Company purchased 487 BTC worth close to $50 million today, bringing the reported funds to 641,692 BTC. At the same time, exchange-traded funds saw outflows totaling $1.22 billion last week.
Market sentiment is up: CoinMarketCap’s Fear and Greed Index rose to 29 from 24, and Bitcoin is up about 3.6% in the past 24 hours after lawmakers reached a deal to shut down the US government.
Traders are pricing the probabilities of events and contracts giving a 28% chance of Bitcoin reaching $130,000 or more this year and a 9% chance of crossing $150,000.
Short-term triggers could tip the scales
Short-term catalysts are in play. US President Donald Trump mentioned a possible tariff of $2,000 “dividend” Progress toward ending the shutdown appears to have aided the recent decline.
Timothy Misir, head of research at Blockhead Research Network, said the market has a cleaner position and could come to constructive November if fiscal clarity and ETF flows stabilize.
He also warned of risks: continued ETF outflows, delays in the delivery of fiscal measures and rising market leverage could reverse the recovery.
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What to watch next
For now, Bitcoin is in a tight trading range. A return of $110,000 could be interpreted as a positive signal and could restore customer confidence. A drop below $100,000 would likely trigger bigger losses, according to a technical chart cited by analysts.
Traders and institutions will be closely watching price movements around these levels – and these moves will influence whether this moment will be remembered as a brief pause or a major turning point.
Featured image from The Conversation/Landmark Media/Alamy, chart from TradingView
