James Chanos has closed his hedged short position against MicroStrategy and Bitcoin after 11 months. Pierre Rochard, CEO of The Bitcoin Bond Company, views the move as a potential signal that difficulties for Bitcoin treasury companies may be easing. Rochard expects continued volatility but characterizes the development as indicative of a potential market reversal.

Bitcoin has traded around $102,000 over the past 24 hours, data show. On-chain analyst Burak Kesmeci projects a local bottom could form near $95,000 to $96,000, based on historical UTXO age band patterns. The 1-week to 1-month realized price band crossed below the 1-month to 3-month band on November 1, a signal that has preceded corrections averaging 13.3% in 2025.

Bitcoin's hold above $100,000 faces mounting uncertainty as selling pressure intensifies and investor confidence weakens. Long-term holders have offloaded over 400,000 BTC in recent weeks, while technical indicators signal deteriorating momentum across the cryptocurrency market.

Bitcoin's Sharpe Signal metric on Binance has declined to approximately -0.277, reflecting deteriorating risk-adjusted returns for market participants, according to data from Arab Chain. The negative reading coincides with Bitcoin trading around $101,747. The metric had maintained values above 0.2 between July and September, a period that aligned with positive price momentum.

Bitcoin trades at approximately $102,001 after a 7.72% weekly decline, testing the 50-week simple moving average at $102,980 for the fourth time. Hash price has declined to $42 per petahash per second, approaching break-even levels following April's halving. Treasury companies including Strategy and Metaplanet carry over $120 million in unrealized losses as bitcoin exchange-traded fund outflows reach $2.3 billion from the peak.

Bitcoin is trading above $100,000 while U.S. housing starts decline and the S&P 500 shows signs of correction. The cryptocurrency's ability to maintain support while traditional markets weaken will determine whether it establishes a higher-low structure or follows equities toward the $90,000–$95,000 zone.

Bitcoin is trading close to its $142,000 fair value according to the power law model, positioning the asset for potential upside. Long-term holders and miners continue accumulating despite recent volatility, while institutional forecasts remain mixed with end-2025 projections ranging from $120,000 to $180,000.

Bitcoin's market share has fallen 5.13% since May to 59.90%, according to TradingView data. Crypto analyst Matthew Hyland views the declining dominance as a possible precursor to an altcoin rally, though CoinMarketCap's Altcoin Season Index remains at 28 out of 100, within Bitcoin Season territory.