Bitcoin (BTC) soared above $106,000 at the beginning of the week as excitement over the reopening of the US government took over.
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Bitcoin also joined the rally in risk assets on hopes that the U.S. government will lift its record shutdown this week.
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U.S. inflation data is also back, which could provide important insight into future Fed policy.
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President Donald Trump’s pledge to give most Americans $2,000 has reignited enthusiasm for coronavirus-era stimulus.
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Bitcoin derivatives traders remain cautious, showing little interest in betting on new highs.
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Bitcoin whales have been noted as consistent sellers throughout 2025.
BTC price soars to $106,500
Bitcoin finally gave hope to the bulls with its weekly closing price, which ended up above $104,500.
Data from Cointelegraph Markets Pro and TradingView also confirms that BTC/USD holds a key support trend line nearby, namely the 50-week exponential moving average (EMA).
It’s a weekly candle close.
Are you ready for Green Week at the market?
— Michael van de Poppe (@CryptoMichNL) November 10, 2025
“Watch the 4H trend on $GOLD and $BTC,” trader Skew told his followers in one of his latest posts on X.
The US government shutdown is a pivotal event for market sentiment, impacting both cryptocurrencies and the broader risk asset environment.
Data from monitoring resource CoinGlass shows the amount of liquidity at stake, even when BTC price movements are relatively small. Meanwhile, the amount of transactions between cryptocurrencies in a 24-hour period reached nearly $350 million at the time of writing.
Trader CrypNuevo discussed support and resistance levels and had a clear line in mind.
“Another confluence is the short-term liquidation cluster at $105,500. Price will likely target that zone,” he wrote on the X thread.
“Once liquidation begins, it will likely add fuel that will push the price up to $106,500, where there is some interesting resistance.”
Much caution remains, with various market participants warning that the rally to local highs around $107,000 could easily be reversed.
$BTC So far, so good.
I like the fact that volume is decreasing and that we have just retested the long-term weekly uptrend. pic.twitter.com/dKfgrvH3ci
— Roman (@Roman_Trading) November 10, 2025
Shutdown talk puts CPI week in focus
With talk of the U.S. government shutdown coming to an end, inflation statistics are back in the spotlight for the Federal Reserve and risk asset traders.
BREAKING: The U.S. Senate has passed a bill by a 60-40 vote that would be a major step forward in ending the U.S. government shutdown.
— Kobeissi Letter (@KobeissiLetter) November 10, 2025
The Consumer Price Index (CPI) printout is conceptually scheduled to be released on Thursday, along with the first unemployment claims numbers, followed by the Producer Price Index (PPI) the following day.
Absent a government shutdown, it would be an important gauge of the state of the economy, including the impact of U.S. trade tariffs.
These are currently under scrutiny by the Supreme Court, and any announcements related to this could cause new fluctuations in the market.
“Amid the data blackout, the Fed is cutting rates and market volatility is returning,” trading source Kobeissi Letter summarized on Monday.
Kobessi noted that data from CME Group’s FedWatch tool suggests further rate cuts are expected in 2025, with an additional 0.25% cut expected at the Fed’s December meeting.
Trading resource Mosaic Asset Company has argued that current market trends could become “the most hated bull market in history” as stocks rebound on the improving US outlook.
“While the effects of the government shutdown and speculation about the longevity of government have dominated headlines, private sector data continues to point to an economic backdrop that supports the earnings outlook,” the company said in the latest edition of its regular newsletter, The Market Mosaic.
Mosaic also noted the “excessive fear” reported by multiple market sentiment gauges.
“If the stock market overcomes the ‘wall of fear,’ the recent stock market rally could be unprecedented in terms of investor anxiety about market returns,” he added.
Tariff “dividend” brings back memories of COVID-19
Bitcoin was quick to react to comments late Sunday by US President Donald Trump in which he promised to provide $2,000 payments to most Americans.
The payments were revealed in a post on Truth Social in connection with President Trump’s international trade tariffs.
“Everyone (except high-income earners!) will be paid a dividend of at least $2,000 per person,” he said.
In response, Koveisi was quick to liken the move to economic stimulus measures during the coronavirus era.
“Stimulus checks are officially back,” wrote X.
As Cointelegraph reported at the time, the reissuance of the checks triggered bullish cryptocurrency market price action due to its implicit impact on the US money supply. A $1,200 check from April 2020 invested in Bitcoin at the time is now worth about $20,000.
Analysts told Cointelegraph last week that they were eyeing “additional liquidity facilitators,” and this time could be similar.
Increased liquidity in the US and internationally fueled a crypto bull market throughout the year. The world’s broad money supply now stands at $142 trillion, a new record.
“Year-to-date, money supply has increased by +9.1% due to the influence of China and the US,” Kobeisi reported, noting that supply is “through the roof.”
Meanwhile, the tariff system is in a delicate situation as the US Supreme Court decides on its legality.
Option traders are cautious
Bitcoin derivatives traders have “little faith in the bottom” around $100,000 as open interest rebounds.
A study by on-chain analytics platform Glassnode warns that “fear” remains a driving force, especially in the Bitcoin options market.
Glassnode analyzed put-call volume late last week, and there was little good news for bulls.
“Put and call volume indicates little confidence in the bottom. Put trades spiked during the decline, then calls spiked as traders rallied around $100,000,” he wrote on the X thread.
“Still, the puts have risen again and the market is anticipating a retest and continues to be hedged.”
The data further shows that traders lack long-term thinking regarding Bitcoin and are avoiding even the possibility of a pullback to $120,000.
“Options data shows the market remains in fear mode with little confidence that the bottom will continue,” the thread said.
Open interest, which had declined significantly as prices fell, has already begun to rise.
As reported by Cointelegraph, bulls could take longer for the price to stabilize and stage a rebound of their own.
Bitcoin whale sales become the norm
Bitcoin whales are hogging the headlines during the BTC price drop as a relentless sell-off has traders worried.
Related: Bitcoin Treasury Bear Market Signs Ending as Short Sellers Exit MSTR
As reported by Cointelegraph, 2025 as a whole is characterized by whales reducing their BTC exposure over the long term. On average, whales sold more than 1,000 BTC per day.
But if you zoom out, things change when it comes to Bitcoin accumulation. On-chain analytics platform CryptoQuant listed several reasons to be bullish in one of its “Quicktake” blog posts on Sunday.
“Today, these early large holders can finally exit the market more easily and it is essential that this distribution step takes place,” contributor Dirkforst argued.
“Now, if we zoom out and look at the big picture, whales are still accumulating in this cycle. Here we see the one-year change in whale stocks increasing from 2023 onwards.”
The attached graph confirms that the annual change in whale stocks has remained positive for the past two years.
The trend has remained stable in recent months, indicating a positive outlook for prices.
“After a strong month in August, Whale’s holdings plummeted in October from 398,000 BTC to 185,000 BTC, just as BTC was breaking above $123,000. Accumulation has since resumed, and Whale’s holdings have rebounded to 294,000 BTC as of November 7,” the post continued.
“So even though some whales appear to be exiting the market, new whales are arriving and existing players continue to accumulate as well.”
Bitcoin accumulator wallets added a huge amount of 50,000 BTC to their total holdings in one day as BTC/USD rose again to sub-$100,000 levels.
“In the medium to long term, some whales are still increasing their exposure, and the current trend bears no resemblance to the distribution phase that developed at the end of the 2021 cycle,” Dirkforst concluded.
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 decisions.