Bitcoin Tests $107K Support as Analysts Warn of Potential Drop to $100K
Bitcoin fell to an intraday low of $107,494 on November 3, down 2.21%, leading a broader crypto market decline. Glassnode noted on October 30 that the market continues to struggle above the short-term holder cost basis of approximately $113,000, warning that failure to reclaim this level could see prices retreat toward the realized price of active investors near $88,000. CryptoQuant CEO Ki Young Ju said the previous evening that Bitcoin wallet average cost stands at $55,900, implying holders are up roughly 93% with on-chain inflows remaining robust. 10x Research CEO Markus Thielen observed Bitcoin is approaching support established since the October 10 selloff, suggesting a break below $107,000 could trigger a move toward $100,000.