Bitcoin Falls Below $108,000 After Market Correction
Bitcoin (BTC) dropped below $108,000 on Monday. It fell over 3.5% last week. The decline followed US President Donald Trump’s comments on Nvidia’s new Blackwell AI chips. Trump said these chips would be reserved only for US buyers. This news reduced optimism from recent US-China trade talks.
At the same time, spot Bitcoin Exchange Traded Funds (ETFs) saw nearly $800 million in outflows last week. This shows weaker demand from institutional investors for Bitcoin.
Market Impact of Trump’s Comments and Government Shutdown
Trump made his remarks during a CBS “60 Minutes” interview and on Air Force One. He said Nvidia’s Blackwell chips would not be sold to other countries. This worsened risk sentiment in global markets. Bitcoin, as a risk asset, felt this pressure and slid.
The US government shutdown also entered its 34th day on Monday. The deadlock over a Republican-backed funding bill increased economic uncertainty and hurt market confidence.
Institutional Bitcoin Demand Weakens
Data from SoSoValue shows spot Bitcoin ETFs had $789.95 million of outflows last week. This reversed the inflows seen the week before. If outflows continue, Bitcoin’s price correction may deepen as institutional trust declines.
Bitcoin Outlook for November
Despite a 3.69% loss in October, Bitcoin’s history looks promising for November. Data from CoinGlass shows November is Bitcoin’s strongest month, averaging a 42.32% gain. The fourth quarter is also Bitcoin’s best quarter, with average returns near 78.41%.
This could help Bitcoin reach new highs before year-end.
Bitcoin Price Trend and Technical Levels
Last week, Bitcoin hit resistance at the 78.6% Fibonacci retracement near $115,137 and then fell 3.51%. It currently trades near $108,000. If BTC falls below the 61.8% Fibonacci level at $106,453, the drop may continue toward $102,000.
The Relative Strength Index (RSI) is 41, showing growing bearish momentum. The Moving Average Convergence Divergence (MACD) suggests bullish strength is fading.
If Bitcoin holds support at $106,453, it could bounce back toward the 50-day moving average near $112,502.
