Bitcoin’s resilience continues to be tested, but the bulls are holding the line. After defending the $105,000 level, BTC has started to show early signs of strength, suggesting that buyers are stepping back in at key support. Several analysts believe the market could be forming a near-term bottom around $100,000. However, not everyone shares that optimism — Bloomberg analyst Mike McGlone warned that Bitcoin could still face a deeper pullback, potentially sliding as low as $56,000.
Others see the current weakness as an opportunity. JPMorgan analysts noted in a recent report that Bitcoin is trading below its fair value, citing the bitcoin-to-gold volatility ratio as a key indicator. They project BTC could rally to around $170,000 over the next six to 12 months if the current structure holds. Institutional interest remains an underlying support for the market, with Schwab Asset Management reporting that 45% of surveyed investors are interested in buying a crypto ETF — the same percentage as those looking at bond ETFs. That appetite suggests the longer-term bullish story for BTC remains intact, even as near-term volatility keeps traders cautious.
In regulatory news, the U.S. Senate Agriculture Committee has finally released its long-anticipated discussion draft on crypto market structure. The draft aims to clearly define the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in overseeing digital assets. Senator Cory Booker, one of the bill’s co-authors, said the proposal gives the CFTC expanded oversight of the digital commodity spot market and introduces new protections for retail investors. While the bill still requires further debate and revisions, it marks another step toward establishing a clearer regulatory framework for U.S. crypto markets.
Meanwhile, the Internal Revenue Service (IRS) issued updated guidance for cryptocurrency exchange-traded products (ETPs), introducing a long-awaited safe harbor for trusts that stake digital assets. This move provides regulatory clarity for fund managers and custodians who wish to include staking rewards in their crypto products. Treasury Secretary Scott Bessent said the new framework gives institutional crypto vehicles “a clear path” to participate in staking while remaining compliant. The update follows the SEC’s recent approval of generic listing standards for crypto ETFs, signaling a coordinated effort by U.S. regulators to modernize digital asset investment rules.
Across the Atlantic, the Bank of England (BoE) has taken a major step toward stablecoin regulation. In a newly published consultation paper, the BoE proposed a framework for “systemic stablecoins” — tokens heavily used in payments that could impact financial stability. Under the draft proposal, issuers would be required to back at least 40% of liabilities with deposits held at the BoE, while allowing up to 60% in short-term U.K. government debt. The central bank also suggested limits on how much individuals and businesses can hold — £20,000 and £10 million, respectively — though exemptions could apply. The consultation runs until February 2026, with final rules expected in the second half of next year.
In corporate developments, payment processor Square has officially launched its Bitcoin payment feature for sellers. The new option allows merchants to accept BTC at checkout through its point-of-sale systems, with flexible conversion options between Bitcoin and fiat. Co-founder Jack Dorsey confirmed that Square merchants can now receive Bitcoin payments directly and pay zero fees until 2027. The rollout follows Square’s earlier feature allowing businesses to convert part of their daily card sales into BTC, deepening its integration with the Bitcoin economy. Dorsey also promoted a new Cash App feature — a global merchant map — showing all stores that accept Bitcoin payments. With this expansion, Square is positioning itself at the forefront of Bitcoin adoption in retail commerce.
Market Outlook
Bitcoin continues to trade around $105,000–$107,000, showing resilience despite ongoing macro uncertainty. The $100,000 support remains the key level to watch — holding above it keeps BTC’s structure intact, while a break below could trigger a sharper correction toward $87,000. On the upside, a clean move above $112,000 would signal renewed bullish momentum and could reopen the path to $120,000.
Ether remains range-bound but stable, trading between $3,300 and $3,700. A decisive close above the 20-day EMA could attract fresh buying, while a breakdown below $3,300 risks accelerating toward $2,900.
BNB continues to hover near $1,000 with a neutral-to-bearish tone. A bounce from $860 could keep it in consolidation, but sustained weakness below that level may invite a deeper move toward $730.
Overall, market sentiment remains mixed — traders are cautious but watching closely for signals of a stronger rebound. A break above key resistance levels in BTC and ETH could quickly shift tone from defensive to opportunistic. Until then, expect range-bound action with occasional sharp moves driven by macro headlines and ETF flows.
Bitcoin continues to battle for control near the key $105,000 level, where buyers have managed to hold the line on a closing basis. However, the bears haven’t stepped aside yet and continue to pressure the market with every minor rally. To regain momentum, bulls will need to push the price decisively above the 20-day EMA at $107,925. A successful breakout from this level could lift the BTC/USDT pair toward the 50-day SMA at $112,464, signaling renewed short-term strength.
For now, sellers are still in play. If the next rebound fails and Bitcoin slips below $100,000, it could trigger another leg lower toward $87,800 a level that would test the market’s long-term conviction. Traders are watching closely to see whether the current consolidation turns into a base for recovery or gives way to a deeper correction.
Ether is facing a tight tug-of-war between bulls and bears near the $3,350 zone. The sluggish bounce off this level suggests that buyers are struggling to regain control. A break below $3,057 would likely confirm the start of a new downtrend, potentially dragging ETH toward the $2,500 region. To avert that scenario, bulls need to reclaim the 20-day EMA at $3,738 and sustain the price above it. If that happens, ETH could move back toward the descending channel’s resistance line, signaling that the worst of the correction may be over.
BNB is showing signs of a mild recovery, but weak follow-through buying suggests hesitation among traders. The 20-day EMA, currently at $1,049, has started to slope downward, and the RSI remains in negative territory both indicators favor the bears for now. If BNB fails to cross above the 20-day EMA, sellers may take another swing at the $860 support. A breakdown below that level could open the door for a deeper fall toward $730. Conversely, if $860 holds firm and buyers manage to push the price above the 20-day EMA, BNB could settle into a broad range, likely trading between $860 and $1,183 in the short term.
The crypto market remains choppy, with traders showing caution around key support zones. Bitcoin’s defense of $100,000 is crucial holding this level could set the stage for a rebound toward $112,000, but failure to do so risks a slide to the mid-$80Ks. Ether is still under pressure and needs to reclaim the $3,700 zone to regain momentum; otherwise, the next key support sits around $3,050. BNB’s price action suggests range-bound movement unless it can clear $1,050 a break below $860 would hand control firmly back to the bears.
Overall, the market tone remains cautious, with traders watching for confirmation of either a deeper correction or a potential short-term bounce. The coming days could decide whether this dip turns into a buying opportunity or the start of a larger downtrend.
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