Key points:
Bitcoin faces an important weekly close with several key price levels on the line.
The bull market’s future is still at stake, a trader says, amid ongoing whale selling.
Risk assets should gain from a reduction in US trade tariffs or the end of the government shutdown.
Bitcoin (BTC) wedged itself in a narrow range ahead of a key weekly close with $100,000 support at stake.
BTC price counts down to major weekly close
Data from Coinpectra Markets Pro and TradingView showed BTC price inertia characterizing weekend trading.
Volatility was lacking, but market participants were keen to see how the weekly candle would close.
“Key level of the week: $103.5K,” trader Titan of Crypto wrote in a post on X.
Titan of Crypto based the significance of that price point on Fibonacci retracement levels, with the bull market potentially at stake.
“A weekly close below isn’t dramatic, but a confirmed breakdown next week would signal the bull market is likely over. Not there yet,” he added.
Others eyed a close above the 50-week exponential moving average (EMA), currently at $100,940, as a sign of strength.
“We don’t want a weekly close below this at any cost,” trader Max Crypto warned.
The risk of a “death cross” involving simple moving averages (SMAs) on the daily chart, meanwhile, was of interest to trader SuperBro.
Such a scenario occurs when the 50-period SMA crosses below the 200-period equivalent.
“The 4th ‘death cross’ of the bull cycle is approaching. Each time we’ve seen reversion to the mean and a sustained bottom,” he told X followers on the day.
“But so far, a lukewarm reaction at the 365 SMA. Let's see if bulls can get it together and reclaim the Q3 low for the weekly close.”
Bitcoin analyst sees “expansion” if US gov’t shutdown ends
Beyond chart signals, crypto markets hoped for positive news on the US government shutdown.
Related: Bitcoin’s ‘speed bump’ to $56K? Ripple rejects IPO plans: Hodler’s Digest, Nov. 2 – 8
Anticipation that lawmakers would take steps to end the impasse was increasing, as its effects became more problematic for the US economy.
Additionally, expectations were that the US Supreme Court striking down international trade tariffs — a decision due soon — would provide an instant boost to stocks.
“If the US government shutdown ends, we could see an expansion soon,” Cas Abbe, a contributor to onchain analytics platform CryptoQuant, summarized.
Abbe uploaded a chart to X, which suggested that the end of the shutdown could also mark the end of a “manipulation” phase for BTC price action.
Crypto investor and entrepreneur Ted Pillows was cautious, predicting that BTC price could suffer if market expectations were not satisfied soon enough.
“BTC is still consolidating around the $102,000 level. The markets were expecting the end of the government shutdown this weekend, but it didn’t happen,” he stated.
“I still think Bitcoin could go a bit lower, given that institutional demand has gone and OG whales are selling.”
Bitcoin whales, Coinpectra reported, have produced sustained selling pressure throughout 2025.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.