Technical analysis by lixing_gan about Symbol BTC: Sell recommendation (11/3/2025)

Bitcoin prices slipped below the short-term holders’ cost basis of 113k USD, highlighting waning demand and slowing momentum. Persistent selling by long-term holders intensified last week, with net distribution exceeding 70k BTC, the highest since Aug. Historically, recovery phases have begun only after LTHs shift to sustained accumulation, but current trends show limited signs of this, while ETF outflows add to bearish pressure. As a result, bitcoin prices remain at risk of retracing further toward the 88k USD Active Investors’ Realized Price. From a technical perspective, BTCUSD is testing the support zone at 105000, which aligns with the 78.6% Fibonacci Retracement. Closing below this level may prompt a decline toward the psychological support at 100000, with a break below this level potentially prompting further weakness toward the 88000 support zone. Conversely, closing above the 112000 resistance may prompt a retest of the following resistance at 116000. By Li Xing Gan, Financial Markets Strategist Consultant to Exness