Core Insights - Bitcoin's price has shown difficulty in rebounding after a significant drop, with market sentiment remaining fragile following a large-scale sell-off that resulted in the evaporation of billions in market value [1][4] - The total open interest in Bitcoin perpetual contracts is approximately $68 billion, down from a peak of $94 billion last month, indicating a lack of market momentum [4] - Bitcoin's market capitalization has decreased by about $340 billion since the unexpected announcement of tariff policies by former President Trump on October 10 [4] Market Dynamics - The inflow of funds into Bitcoin ETFs has been low, with only $1 million recorded on a day when broader markets rebounded, reflecting a lack of enthusiasm in the crypto market [4] - Technical analysis suggests that Bitcoin's price is currently constrained below the 200-day moving average, which is around $110,000, and this level is seen as a critical threshold for potential upward movement [4][5] - Analysts express caution, noting that despite a recent uptick, the market may be forming a new lower local high, continuing a downward trend that began over a month ago [5] Investor Sentiment - There is a prevailing sentiment that early Bitcoin whales are selling off their holdings, contributing to supply pressure and affecting market risk sentiment [4] - Some analysts view the recent price increase as a typical short-covering rebound, mixed with institutional fear of missing out (FOMO) [6] - Key support levels are identified at $103,000, with potential further declines if this level is breached, which could lead to prices dropping to $86,000 or lower [6]