Trading moment: Bitcoin needs to stay above 116,000 on the daily chart to be short-term bullish; Ethereum faces resistance at $3,700.

Daily Market Highlights and Trend Analysis, produced by PANews.

1. Market Observation

Market sentiment was boosted by the expectation that the US government will end the longest shutdown in history, leading to a broad rally in US stock futures, cryptocurrencies, and commodities. However, the Federal Reserve faces a complex “balancing act.” New York Fed President Williams warned that middle- and low-income American households are experiencing an increasing payment crisis, which could pose a recession risk. This dilemma, coupled with a cooling labor market, is a key factor in whether the FOMC will cut rates again in December. Despite optimism replacing earlier recession fears and Williams believing that related investment bubbles are manageable, Fed Chair Powell and other officials remain cautious about the economic outlook.

Against this backdrop, the upcoming release of Warren Buffett’s open letter is highly anticipated, seen as his farewell message before stepping down as CEO. Investors hope to glean insights into Berkshire Hathaway’s future under the new leadership and Buffett’s market views. Recently, amid a sell-off in tech stocks, Berkshire’s defensive business portfolio and record cash reserves of $382 billion have helped its stock price rise against the trend.

In the Bitcoin market, bullish and bearish views are fiercely contested, with prices hovering near key support levels. Technical analyst Ali pointed out that if Bitcoin falls below $100,980, the next critical support zone is at $93,400. Despite complex market sentiment, author Robert Kiyosaki remains highly optimistic, setting a target price of $250,000. In contrast, Galaxy Digital research head Alex Thorn, while long-term bullish, has lowered his year-end target from $185,000 to $120,000 due to shifting investor focus to AI and other sectors. Short-term technical indicators are also mixed; analyst KillaXBT warned that spot selling pressure could push prices lower. Open interest (OI) in Bitcoin futures has increased as prices rise, but spot market depth has turned negative, indicating intensified spot selling. Short-term liquidity is concentrated around $105,600–$105,900, with bullish liquidity near $103,600 and $102,000. CME has yet to form an $900 upward gap after opening, suggesting a potential pullback to test $103,800. Daan Crypto Trades emphasizes that the $104,000 200-day moving average on CME futures is a critical support level. Delphi Digital analyst that1618guy believes that if the early November lows hold and ETF funds flow back, Bitcoin could rebound to $130,000 before December, provided it overcomes recent weakness and closes above $116,000 on the daily chart.

Ethereum is also at a critical juncture, with its price influenced by multiple factors. Analyst Ali, based on on-chain data, notes a large resistance wall near $3,700, formed by over 869,000 ETH. Key support levels below are at $2,866, $2,528, and $1,789. Optimistic voices remain; Liquid Capital founder Yi LiHua set a target of $7,000 for ETH, citing US midterm elections, potential fiscal stimulus, and crypto-friendly regulations (such as CFTC’s plan to allow stablecoins as collateral) as bullish catalysts. However, short-term technicals and market data reveal challenges: Cointelegraph reports that spot ETF capital outflows, futures market premium remaining at a low 4%, TVL dropping to its lowest since July, and declining DApp revenue all pressure ETH, making a return to $3,900 difficult. Analyst Daan Crypto Trades suggests ETH needs to recover to $3,500 in the short term to repair its downtrend, with the critical support at $3,365. Losing this level could trigger a deeper correction.

In the altcoin market, the Solana ecosystem’s veteran mining protocol Ore saw its protocol revenue surge above $1 million after launching V2, with the token price tripling in a week. Additionally, Trump’s proposal to distribute at least $2,000 tariffs to every American may be implemented through tax cuts from his previous economic policies. Following this news, World Liberty Financial (WLFI) rose 30%, and TRUMP tokens increased by 10%. Privacy project ZEC remains popular, with multiple KOLs promoting it; it gained 20% in the past 24 hours. Meanwhile, NEAR, which facilitates ZEC cross-chain transfers via Near Intents, has surged over 50% since November.

2. Key Data (as of 13:00 HKT, Nov 10)

(Source: Coinglass, Upbit, Coingecko, SoSoValue, CoinMarketCap)

• Bitcoin: $106,095 (+13.35% YTD), daily spot trading volume: $67.7 billion
• Ethereum: $3,604 (+8.02% YTD), daily spot trading volume: $29.62 billion
• Fear & Greed Index: 29 (Fear)
• Average GAS: BTC: 1 sat/vB, ETH: 0.1 Gwei
• Market Share: BTC 59.2%, ETH 12.2%
• Upbit 24h Trading Volume Top: XRP, ETH, BTC, 0G, FIL
• 24h BTC Long/Short Ratio: 49.96% / 50.04%
• Sector Gains/Losses: DeFi +8.99%, PayFi +8.45%
• 24h Liquidation Data: Total 118,364 traders liquidated, total liquidation amount $344 million; BTC liquidation: $115 million, ETH: $91.77 million, GIGGLE: $7.66 million

3. ETF Flows (as of Nov 7)

• Bitcoin ETF: -$558 million
• Ethereum ETF: -$46.62 million

4. Today’s Highlights

• Binance Alpha will launch JCT and ALLO airdrops on Nov 10-11
• Linea (LINEA) will unlock approximately 2.88 billion tokens (~16.44% of circulating supply) at 7 PM on Nov 10, worth about $34.4 million
• Aptos (APT) will unlock about 11.31 million tokens (~0.49% of circulating supply) at 2 PM on Nov 11, worth about $33.4 million
• Solayer (LAYER) will unlock about 27.02 million tokens (~9.51% of circulating supply) at 10 PM on Nov 11, worth about $6.6 million

Top 100 cryptocurrencies by market cap with the biggest gains today: Starknet +31.4%, World Liberty Financial +29.2%, Aerodrome Finance +18.1%, Pump.fun +17.5%, Zcash +16.6%.

5. Hot News

• Weekly Preview | US October CPI report may be “absent”; Ethereum treasury company SharpLink and ETHZilla release Q3 earnings
• Data: Tokens like LINEA, APT, AVAX to undergo large unlocks; LINEA unlock worth about $34.4 million
• Macro Outlook for the Week: US CPI may be absent for the first time, gold awaits new catalysts
• Theoriq: AlphaVault enters its second phase, THQ TGE scheduled for December
• About 4.64 million Bitcoin have moved out of dormant wallets this year, worth over $500 billion
• Analysis: Five spot XRP ETFs are listed on DTCC’s website, expected to launch officially this month
• Re7 Labs releases report on the de-pegging impact of xUSD: over $13 million in funds affected by Stable Labs, no response received
• Analyst: Whales holding Bitcoin for over 7 years began large-scale selling last November, intensifying this year
• NFT trading volume dropped 9.22% to $85.31 million this week, with both buyers and sellers decreasing by over 95%
• Early Bitcoin investor Owen Gunden deposited 600 BTC into Kraken