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The Bitcoin price climbed 1.4% in the last 24 hours to trade at $103,132 as of 4.15 a.m. on a 48% plunge in daily trading volume to $59.47 billion.
That’s as crypto bull Samson Mow told his almost 357k followers on X that the real BTC bull run “hasn’t even started yet.”
Despite weeks of heavy selling, Mow, CEO of JAN3, believes the market is only in the early stages of a generational uptrend. He suggests that long-term holders and growing institutional interest mean the foundation for a rally is in place, but that the explosive gains many expect are still some way off.
SAMSON MOW: « The #Bitcoin bull run hasn’t started yet. We’re just marginally outperforming inflation at this price range. » pic.twitter.com/mcdqalUbik
— JAN3 (@JAN3com) November 5, 2025
But he says the conditions for a “decade-long bitcoin rally” are mounting as central banks boost liquidity. But, for now, he warns traders not to expect a sudden surge, saying Bitcoin’s bull run is “delayed” and forecasting a possible uptrend in 2026.
Bitcoin Price Holds Strong After Market Shakeout
The sudden drop in BTC price to below $100,000 in early November led to panic among short-term traders. Many rushed to sell, fueling fears that the uptrend might be over. However, technical signals suggest that BTC price is holding important levels, helped by long-term buyers stepping in.
The market’s crying. Bitcoiners? Still stacking. 💰
Fear and Greed Index sits at 23 which is the Extreme Greed area.
Because Bitcoiners fear missing sats, not #Bitcoin price drops. 📈 pic.twitter.com/lRLhe2liKI
— JAN3 Financial (@JAN3Financial) November 5, 2025
On-chain data reveals that most Bitcoin holders did not panic during the dip. Exchange withdrawals actually rose, indicating that investors are moving coins into self-custody, showing faith in BTC’s long-term potential.
Bitcoin Exchange Reserve Source: CryptoQuant
Short-term losses now affect around 12% of all UTXOs (unspent coins), which shows discomfort but is still far from the true capitulation seen in previous cycles. Meanwhile, whale activity has dropped, reducing sell-side pressure and hinting that large holders expect more gains ahead.
Coin price demand also looks healthy from the on-chain side. More than $10 billion in stablecoins recently entered Binance, giving traders fresh buying power if the price starts to turn up. BTC’s network security remains strong, with hashrate near all-time highs, keeping miners confident despite price swings.
Accumulation by long-term holders is rising. As coins move off exchanges and into cold storage, short-term selling pressure is reduced, helping the coin price to stabilise after such deep corrections. These factors suggest that, despite volatility, the underlying demand supporting the BTC price stays firm.
Bitcoin Price Technical Analysis: Bottoming Out And Eyeing A Rebound
Looking at the current price chart, Bitcoin sits just above $103,000 after bouncing back from recent lows. The weekly chart shows BTC is testing key support levels, especially near its 50-week Simple Moving Average (SMA) at $102,994. This level is supported by long-term buyers.
The coin price remains far above the 200-week SMA at $55,051, signalling that the overall trend is still positive in the long run.
Technical indicators right now are mixed. The Relative Strength Index (RSI) is at 45.46, which suggests that the market is not yet oversold and could recover if buyers step in. The MACD has turned slightly negative, showing bears are still in control for now, but momentum may shift if price stabilises at key levels.
A critical support zone lies between $100,000 and $104,200. As long as the BTC price stays above these levels, a rebound remains possible. If BTC falls below $100,000, the decline could accelerate toward $94,000, the next Fibonacci retracement level.
On the upside, resistance sits at $105,500 and then $110,000. Clearing these could spark a rally to $120,000 or higher.
BTCUSD Analysis Source: TradingView
The price pattern also suggests the market is forming a bottom. Several technical setups, like the channel and upward trend lines in the chart, point to a possible reversal as buyers gather strength, especially if short-term sell pressure fades.
The forecast on the chart shows a possible bounce before resuming the uptrend into the new year. Despite recent dips, the Bitcoin price is holding key support and could resume its uptrend if macro conditions improve and more buyers return.
If current momentum builds and inflows remain positive, BTC may climb toward previous highs and begin a new bullish phase. For traders, watching the $102,994–$104,200 region is vital. Holding here could trigger a strong bounce and confirm the market’s resilience. Failing to hold could invite further correction before new buyers step in.
With long-term fundamentals strong and on-chain data supporting further demand, Bitcoin’s sharp swings have shaken out weak hands, but the story is far from over.
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