Bitcoin Price Slips Toward $100K as ‘Hot Money’ Floods Binance, Analysts Split on Outlook

Bitcoin (BTC) hovered near $103,000 on Nov. 6 as fresh inflows and liquidations rattled traders across major exchanges. The world’s largest cryptocurrency faced renewed pressure from speculative trading, with over $315 million wiped out in a 24-hour period.

Data from Coinglass showed that Ethereum (ETH) traders suffered the largest losses at $90 million, followed by Bitcoin at $65 million. Around 159,808 traders were liquidated, marking one of the heaviest wipeouts this quarter.

Bitcoin Price Under $105K as Longs Wiped Out

The latest round of volatility pushed Bitcoin toward $103,000 after it briefly dipped below $100,000 earlier this week. BTC’s daily chart showed sustained rejection near $112,000 a level analyst KillaXBT flagged as the invalidation zone for his bullish thesis.

“If my thesis is correct, the red dot marks our current position. If I’m wrong, BTC would need to move back above $112K,” KillaXBT wrote on X.

The accompanying chart showed Bitcoin consolidating between $98,000 and $110,000, with a downside target near $98,874. Traders are closely monitoring the range for a potential breakdown or bounce, depending on macro sentiment and exchange inflows.

Surge in “Hot Money” to Binance Raises Caution

According to CryptoQuant, monthly Bitcoin inflows to Binance rose sharply in October. Inflows from “young” coins, those aged between 0 and 1 day, climbed from $18 billion in September to nearly $26 billion in October, indicating intense speculative activity.

This spike was almost entirely driven by short-term holders, suggesting that traders were moving funds onto exchanges for immediate trades or arbitrage. In contrast, long-term holders (LTHs) showed little movement, keeping their coins off exchanges.

Analysts described the divergence as a tale of two markets one dominated by active short-term speculators and another defined by steady long-term conviction. Historically, such inflow surges have preceded temporary price corrections as speculative liquidity builds up.

“The influx of hot money could fuel higher volatility, but the conviction of long-term holders remains firm,” CryptoQuant’s report noted.

Mow: “Bitcoin Bull Run Hasn’t Started Yet”

Despite the sell-off, Samson Mow, founder of Bitcoin infrastructure firm Jan3, maintained that the bull market is far from over. In a post on Wednesday, Mow argued that Bitcoin’s price, though below $100,000 at one point, still only “marginally outperforms inflation.”

“The Bitcoin bull run hasn’t started yet,” Mow said. “We’re just marginally outperforming inflation at this price range.”

He dismissed fears that veteran holders, often referred to as OGs, were selling, calling such claims “self-created panic.”

“People are fearful because they created their own theory that OGs are selling above $0.1M. It’s incredible how people can self-own with fear. Focus on the big picture. Bitcoin is going to add a zero; it’s just a question of when,” Mow added.

Mow, who previously predicted Bitcoin could reach $1 million in a “short and violent upheaval,” reiterated that he sees no signs of a top. “Bitcoin has been basically flat for 2025,” he wrote, suggesting the next cycle peak could arrive in 2026.

Market Sentiment Split Between Fear and Greed

While the broader Crypto Fear & Greed Index slipped into the “extreme fear” zone this week, Mow’s firm Jan3 presented a contrasting interpretation. Its internal index, which inverts traditional metrics, labeled the market as being in “extreme greed,” claiming Bitcoiners were accumulating during the drop.

“The market’s crying. Bitcoiners? Still stacking,” Jan3 posted, adding that “Bitcoiners fear missing sats, not Bitcoin price drops.”

Macro analyst Jordi Visser offered a different perspective, suggesting that Bitcoin may be in its “initial product offering phase,” where older holders sell to new entrants.

However, Mow countered that this transition was healthy and typical before large-scale rallies. “I don’t know any OGs that are selling, by the way,” he replied.

Bitcoin Price Technical Picture: $98K Support in Focus

On the technical front, Bitcoin traded near $103,000 after touching a low of $99,607 earlier in the week, according to CoinGecko data. The Andrews Pitchfork setup from analyst charts suggests strong support around $98,874, while resistance remains near $112,000 and $125,000.

Failure to hold the $98K area could expose BTC to deeper correction zones near $95,000. Conversely, a breakout above $112,000 might reopen paths toward $125,000 and beyond.

With ETH and BTC together accounting for over $155 million in recent liquidations, traders appear cautious about leveraged positions as we head into mid-November.

As of press time, Bitcoin was trading at $103,262, down 0.58% in the past 24 hours. Despite the turbulence, long-term holders’ reluctance to sell suggests confidence remains — even as “hot money” drives near-term volatility.