Hyperscale Data bitcoin treasury reaches $72.5 million, 94% of market cap
Bitcoin (BTC-USD) hovered near $101,603.80 late Wednesday, down 1.37% on the day, with trading oscillating between $102,461 and $105,257. The market showed restraint despite renewed optimism over the U.S. government’s reopening plan. The market capitalization stands at $2.09 trillion, while 24-hour volume reached $64.6 billion, reflecting heavy churn without decisive follow-through.
Price action continues to compress, with Bitcoin carving a tight structure above the $99,000–$104,000 support band. The pattern resembles a double-bottom formation, emerging after the decline from the $124,220 high to the $98,898 low earlier this month. Each rebound attempt above $105,000 has stalled, signaling exhaustion among short-term buyers and a lack of conviction from momentum traders.
On the 4-hour timeframe, Bitcoin recovered from $99,192 to $107,465 earlier in the week before slipping back below $104,000. The swift bounce from intraday lows near $102,442 underscores how aggressively dip buyers remain positioned. Yet, volume continues to fade — a warning sign that enthusiasm may be waning even as the structure appears constructive.
Momentum oscillators suggest balance rather than breakout. The RSI prints 45, Stochastic reads 39, and the CCI sits near –56, all pointing toward indecision. The MACD at –2,271 signals weak momentum, while the ADX of 26 confirms a non-trending market.
Short-term moving averages — the 10-hour EMA and 20-hour SMA — hover around $104,000, providing immediate technical cushioning. However, from the 50-hour to 200-hour EMAs, the slope remains negative, marking persistent pressure above $106,000. Unless Bitcoin closes firmly above $110,000, upside conviction remains limited.
U.S. spot Bitcoin ETFs recorded $524 million in cumulative inflows on November 11, indicating tentative institutional interest returning after October’s selloff. Hedge funds and large traders added $8.5 million in net long positions, signaling strategic accumulation at current ranges.
Still, the tailwind from ETFs contrasts sharply with selling by long-term holders — roughly 104,000 BTC distributed this month, the heaviest wave since July. This divergence is what keeps BTC-USD trapped between $100,000–$107,000: inflows provide a floor, while old supply caps the ceiling.
The Federal Reserve’s 25-basis-point rate cut and the halt of balance sheet runoff failed to ignite risk-on sentiment. Internal division among Fed officials over inflation persistence continues to cloud direction. Meanwhile, the Secured Overnight Financing Rate (SOFR) collapse to 3.92%, its lowest in two years, signaled a liquidity flood — not stability.
Add to this a 43-day U.S. government shutdown, which stalled data releases and muted crypto momentum. While equities celebrated the Senate’s move toward reopening, digital assets lagged, with Bitcoin unable to replicate the Dow’s surge beyond 48,000. Liquidity preference clearly shifted toward traditional markets as traders sought clearer catalysts.
The Net Unrealized Profit (NUP) ratio has dropped to 0.476, its lowest since April — a zone historically associated with short-term market bottoms. Similar readings in 2024 preceded rebounds of 15–25%, including the February surge from $42,000 to $70,000 and the October rally toward $110,000.
With leverage flushed out and funding rates normalized, conditions mirror those prior recovery phases. If the NUP ratio’s signal holds, BTC-USD could stabilize between $100,000 and $102,000 before staging another upside attempt.
Despite ETF inflows, macro caution dominates sentiment. The absence of fresh institutional capital, coupled with ongoing distribution by whales, has kept rallies shallow. Short-term traders continue exploiting micro-range swings of 1–2%, while volatility compression hints at an impending breakout.
Altcoins have tracked Bitcoin’s stagnation: Ethereum (ETH-USD) trades near $3,402.24 (-2.25%), XRP (XRP-USD) at $2.34 (-3.9%), and Solana (SOL-USD) at $152.84 (-4.8%), underscoring broad market fatigue.
Immediate support sits at $103,000–$104,000, reinforced by moving averages and prior intraday lows. A decisive break below could drag Bitcoin back to $99,000, invalidating the double-bottom structure. Conversely, reclaiming $105,500 would reopen the path toward $110,000, where heavy resistance from July’s trading cluster awaits.
Traders are watching for a volume-confirmed breakout above $107,500, which would realign momentum and trigger algorithmic buying. Without that, the market risks remaining trapped in a low-energy oscillation heading into mid-November.
Despite short-term weakness, underlying structure favors accumulation. The blend of ETF inflows, NUP ratio capitulation signals, and historical support near $100,000 suggests an approaching stabilization phase rather than capitulation.
Given the data, BTC-USD earns a Hold rating — neutral for the next 10–14 days, with a bullish bias into December if it sustains closes above $105,500. A breakout over $110,000 would confirm trend reversal, setting up potential retests of $115,000–$120,000, aligning with the next Fibonacci extension zone.
Until that signal arrives, Bitcoin remains the market’s sleeping giant — consolidating, recalibrating, and waiting for the liquidity tide to shift decisively back in its favor.
That’s TradingNEWS.com