TLDR
- Bitcoin price faces a crucial moment as it struggles to break above the $110K level.
- Bloomberg strategist Mike McGlone says Bitcoin must reclaim the $110K mark for a sustained recovery.
- Bitcoin price has dropped nearly 20% since October 6, falling to a low of $98,898 on November 4.
- The 200-day moving average of $110,000 is seen as a key threshold for Bitcoin’s price movement.
- Analysts believe Bitcoin price could rally if it breaks the $108K to $110K resistance zone.
Bitcoin price has entered a crucial phase, according to Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence. The cryptocurrency has faced substantial pressure since its crash on October 10. Although Bitcoin recently experienced a mild recovery, it remains under significant pressure, with its price down 14% from early October.
Bitcoin’s Price Struggles with 200-Day Moving Average
Bitcoin price recently fell below the $110,000 mark, its 200-day moving average. This drop is a key concern, according to McGlone. “Bitcoin must reclaim the $110,000 level to confirm a sustainable rebound,” he said. If Bitcoin fails to break back above this level, it could signal deeper losses.
Bitcoin Do or Die: $110,000-$100,000
Bitcoin's rolling-over pattern on monthly charts might signal the opposite of gold's bull flag to August. The crypto has dropped below its 200-day moving average at $110,000 to Nov. 7 — a key hurdle to signal recovery.
Full report on the… pic.twitter.com/n4MMZfhuL3— Mike McGlone (@mikemcglone11) November 10, 2025
McGlone’s analysis highlights that Bitcoin price had surged earlier in 2023, reaching a new all-time high of $126,272 on October 6. However, momentum started to fade after that peak. The 12-month simple moving average flattened, indicating that Bitcoin’s bullish momentum was weakening.
Bitcoin price now trades in a narrow range between $100,000 and $110,000. McGlone labels this range as the “make-or-break” zone. A return above $110,000 could reignite market confidence, but a slip below $100,000 could lead to further declines.
Resistance Levels and Market Sentiment
Market analysts, including Michaël van de Poppe, also point to the $108,000 to $110,000 range as a critical level for Bitcoin. He believes that breaking this resistance zone could trigger a rally. “Bitcoin’s potential to rally depends on whether it can reclaim this resistance zone,” van de Poppe explained.
Crucial resistance coming up for #Bitcoin.
The government shutdown is nearly over, which would be an ideal signal for the markets to turn back into bull mode.
To be honest, if $BTC breaks through $110K, we'll likely see a rally towards the ATH.
I do expect #Altcoins to… pic.twitter.com/5j0UEAkq3S
— Michaël van de Poppe (@CryptoMichNL) November 10, 2025
Ted Pillows, another market analyst, agrees with the importance of the $108,000 to $109,000 zone. He noted that Bitcoin has found short-term support around $104,000. Pillows believes Bitcoin price could move higher if it breaks through the $108,000 to $109,000 range.
$BTC has reclaimed the $104,000 support zone.
The next crucial level for Bitcoin is around $108,000-$109,000.
A reclaim of this zone will send Bitcoin towards May highs.
In case of a rejection, BTC will likely retest the $104,000 level and fill the CME gap. pic.twitter.com/VxQNXwWWT7
— Ted (@TedPillows) November 10, 2025
Despite the market’s uncertainty, institutional interest in Bitcoin remains strong. Michael Saylor’s Strategy recently purchased 487 BTC for $49.9 million. This brings their total holdings to 641,692 BTC, demonstrating confidence in Bitcoin’s long-term value.
Bitcoin’s price continues to face pressure, but its recent recovery shows some potential. However, McGlone’s analysis stresses that reclaiming the $110,000 level is essential for a bullish continuation. Investors are closely watching whether Bitcoin can recover from this critical stage.
