BTC (Bitcoin) decreased by 1.43% in the last 24 hours.

Gate News Bot Message, November 7th, according to CoinMarketCap data, as of press time, BTC (Bitcoin) is priced at $101,900, down 1.43% in the past 24 hours, with a high of $111,200 and a low of $99,000. The 24-hour trading volume reached $70.106 billion. The current market capitalization is approximately $2.03 trillion, a decrease of $29.538 billion from yesterday.

Bitcoin is an innovative payment network and a new form of currency. Bitcoin operates using peer-to-peer technology without the need for a central authority or bank management; transaction management and Bitcoin issuance are handled collectively by the network. Bitcoin is open-source; its design is public, and no one owns or controls Bitcoin. Anyone can participate. Through its unique properties, Bitcoin enables exciting uses that no previous payment system could support.

Recent important news about BTC:

1️⃣ Large options contracts are about to expire

Over $5 billion worth of BTC and ETH options will expire at 16:00 (UTC+8) on November 8th. The maximum pain point for BTC is around $108,000, with open interest mainly concentrated in $100,000 put options and $120,000 to $125,000 call options. This reflects a cautious market outlook on BTC’s short-term trend, but no panic has been observed.

2️⃣ Institutional investors continue to increase holdings

Tether has added 961 Bitcoins, worth approximately $97.3 million, bringing its total BTC reserves to over 87,000 coins, making it the sixth-largest BTC holder. Since 2023, Tether has purchased BTC using 15% of its corporate profits, currently with an unrealized profit of about $4.549 billion. This indicates that large institutions remain optimistic about BTC’s long-term value.

3️⃣ Market analysts maintain an optimistic outlook

JPMorgan analysts predict that BTC could rise to around $170,000 in the next 6 to 12 months. They believe the deleveraging phase of perpetual contracts has largely ended, and market volatility has improved. Additionally, Ark Invest founder Cathie Wood, while slightly lowering her bullish outlook on BTC due to potential market share gains by stablecoins, remains generally positive.

From a technical perspective, BTC is near a key support level. Recent price corrections have led to a total of $2.8 billion in long liquidations, which may also indicate that deleveraging is nearing its end. If ETF fund inflows resume, a new accumulation zone could form.

This message is not investment advice. Please be aware of market volatility risks when investing.