Bitcoin ETFs maintain ‘Uptober’ momentum with $2.71B in weekly inflows

Bitcoin is currently trading below the $100,000 mark, raising concerns among investors about its future. The article discusses ten factors influencing Bitcoin's fate, highlighting five reasons it could rebound and five that could lead to further declines. Market conditions are uncertain, with debates on whether this is the start of a bear cycle or a temporary dip before a potential recovery.

The Bitcoin price has continued its downward trend, which began in the second week of October, falling below the psychological support level of $100,000. This decline has raised concerns among market participants about the overall market structure. Recent on-chain analysis from Arab Chain indicates a significant increase in sell-side momentum on Binance, the largest exchange by trading volume, suggesting a growing bearish sentiment in the market.

Recent discussions have emerged regarding a significant document dump of 20,000 files released by the U.S. House Oversight Committee, which is linked to convicted sex offender Jeffrey Epstein. This release has reignited scrutiny over Epstein's connections to Bitcoin and cryptocurrency, highlighting his deep fascination with these digital assets. The implications of this document dump are still unfolding as analysts and the public seek to understand the extent of Epstein's involvement in the cryptocurrency space.

Steak 'n Shake, an American fast food restaurant chain, has announced its expansion into El Salvador after beginning to accept Bitcoin (BTC) in May 2023. This move aligns with the restaurant's pro-Bitcoin stance, aiming to cater to the growing cryptocurrency market in the region.

Bitcoin is entering a new phase where its price movements are increasingly influenced by the global business cycle rather than solely by crypto-specific events. As the market matures, Bitcoin (BTC) is behaving less like a speculative asset and more like a macro-sensitive investment, responding to changes in institutional positioning.

In the second week of November, the cryptocurrency market experienced a significant decline, losing $280 billion in value. This downturn brought the total market capitalization down to $3.3 trillion. Bitcoin, in particular, is facing risks of dropping below $89,000, marking a six-month low amid growing concerns of a potential bubble in the market.

Bitcoin's technical structure is indicating a rare bullish signal. Following a recent price dip, a Death Cross has triggered at a significant structural support level, suggesting that the correction may be complete and an upward bounce could be imminent. Currently, Bitcoin is trading around $96,000, having lost the previous range low of $100,460, which has now become a key resistance level. Market analyst Lennaert Snyder notes that Bitcoin's reaction to retesting this resistance will be crucial for determining its next move.

Harvard University's endowment has made a significant investment of $443 million in Bitcoin through BlackRock's IBIT, representing 20% of its reported U.S.-listed public equity holdings. This move is notable as it marks a rare entry into the cryptocurrency market for the prestigious institution.