Bitcoin (BTC) has surged back above $106,000 to begin the week, driven by renewed optimism surrounding the potential end of the US government's record shutdown. This resurgence aligns with a broader rebound in risk assets, fueled by expectations of governmental resolution and a rekindled enthusiasm for stimulus measures reminiscent of the COVID-19 era.
- •Bitcoin is showing strength alongside other risk assets as hopes rise for the US government to end its shutdown.
- •Upcoming US inflation data could provide crucial insights into future Federal Reserve policy.
- •US President Donald Trump's proposal to provide $2,000 to most Americans is stimulating renewed interest in stimulus-related economic impacts.
- •Traders in Bitcoin derivatives markets are exhibiting caution, with limited interest in betting on new price highs.
- •Bitcoin whales have been consistently selling throughout 2025, a trend that remains under observation.
BTC Price Spikes to $106,500
Bitcoin has finally offered a glimmer of hope for bulls with a strong weekly close, settling above the $104,500 mark.
Data from Cointelegraph Markets Pro and TradingView confirms that BTC/USD has maintained a critical nearby support trend line – its 50-week exponential moving average (EMA).
What a weekly candle close. Are we ready for a green week on the markets?
— Michaël van de Poppe (@CryptoMichNL) November 10, 2025
"Keep an eye on $GOLD & $BTC 4H trend," trader Skew advised followers in a recent post on X.
The US government shutdown has emerged as a significant event impacting market sentiment across both cryptocurrency and broader risk-asset markets.
Data from monitoring resource CoinGlass highlights the liquidity at stake, even with relatively minor price movements in BTC. At the time of writing, 24-hour cross-crypto liquidations were nearing $350 million.
Discussing support and resistance levels, trader CrypNuevo identified a clear target zone.
"Another confluence is the short liquidation cluster at $105.5k. Price will likely target that zone," he wrote in an X thread.
"Hitting the liquidations would likely add fuel to move price to $106.5k where there is an interesting resistance."
Despite the upward momentum, a considerable degree of caution persists, with market participants warning that the rise to local highs near $107,000 could easily reverse.
$BTC so far so good. I like the fact that volume is dropping & we just retested the long term weekly uptrend. https://t.co/VKHP4IcWLnpic.twitter.com/dKfgrvH3ci
— Roman (@Roman_Trading) November 10, 2025
Shutdown Talk Brings CPI Week Into Focus
With indications that the US government shutdown may soon conclude, inflation data is once again a focal point for the Federal Reserve and risk-asset traders.
BREAKING: The US Senate votes 60-40 to advance a bill in a major breakthrough to end the US government shutdown.
— The Kobeissi Letter (@KobeissiLetter) November 10, 2025
The Consumer Price Index (CPI) report is scheduled for release on Thursday, accompanied by initial jobless claims. The Producer Price Index (PPI) is expected the following day.
The resolution of the shutdown would offer a clearer view of the economic landscape, including the impact of US trade tariffs.
These tariffs are currently under scrutiny by the Supreme Court, and any related announcements could introduce further market volatility.
"Amid the data blackout, the Fed is cutting rates and market volatility is returning," trading resource The Kobeissi Letter summarized on Monday.
Kobeissi referenced expectations of continued interest-rate cuts in 2025, with the Fed's December meeting anticipated to include a 0.25% reduction, according to data from CME Group's FedWatch Tool.
As stocks rebound on the improved US outlook, trading resource Mosaic Asset Company suggested that the current market trend might be characterized as the "most hated bull market ever."
"While the impact of the government shutdown and speculation over its longevity is driving headlines, private sector data points to an economic backdrop that’s still supportive of the earnings outlook," the newsletter "The Market Mosaic" stated.
Mosaic also pointed to "excessive levels of fear" reported by various market sentiment gauges.
"If the stock market climbs a 'wall of worry,' then this recent leg of the stock market rally could be unprecedented in terms of investor fear relative to market gains," it added.
Tariff "Dividends" Bring Back COVID-19 Memories
Bitcoin showed an immediate reaction to comments from US President Donald Trump on Sunday, who pledged to provide $2,000 to the majority of US citizens.
This payout, linked to Trump's international trade tariffs, was announced in a post on Truth Social.
"A dividend of at least $2000 a person (not including high income people!) will be paid to everyone," the post stated.
In response, Kobeissi quickly drew parallels to the stimulus checks issued during the COVID-19 pandemic.
"Stimulus checks are officially back," the account wrote on X.
As Cointelegraph previously reported, the reissuance of these checks spurred bullish price action in the crypto market due to their potential impact on the US money supply. For instance, $1,200 checks from April 2020 invested in Bitcoin at that time are now valued at approximately $20,000.
Analysts told Cointelegraph last week that this situation could unfold similarly, with the prospect of an "additional liquidity catalyst."
Increases in both US and international liquidity have supported the bullish case for crypto throughout the year. Global broad money supply has reached a new record of $142 trillion.
"Year-to-date, money supply has jumped +9.1%, driven by China and the US," Kobeissi reported, describing the supply as being "through the roof."
The tariff scheme's implementation is currently pending a decision from the US Supreme Court regarding its legality.
Options Traders Are on the Alert
Bitcoin derivatives traders appear to have "little trust in a bottom" around the $100,000 level, even as open interest shows signs of recovery.
Research from onchain analytics platform Glassnode indicates that "fear" continues to be a dominant sentiment in Bitcoin options markets.
An analysis of put-call volumes late last week offered little positive news for bulls.
"Put–call volumes show little trust in a bottom. Put activity surged during the drop, then calls spiked as traders played the rebound near $100k," Glassnode stated in an X thread.
"Even then, puts rose again, markets expect a retest and remain hedged."
Further data suggests that traders are not adopting a long-term perspective on Bitcoin, with a lack of confidence in a potential rebound to $120,000.
"Options data show the market remains in fear mode, with little confidence in a lasting bottom," the thread emphasized.
Open interest, which had significantly decreased as the price declined, has begun to trend upwards again.
Consequently, as Cointelegraph reported, bulls might face a more extended period in stabilizing the price and staging a rebound.
Bitcoin Whale Selling Becomes Standard
Bitcoin whales have been a prominent topic of discussion during the BTC price dip, with their consistent selling activity causing nervousness among traders.
As Cointelegraph reported previously, 2025 has seen long-term whales reducing their Bitcoin exposure, with an average daily sale of over 1,000 BTC.
However, a broader perspective reveals a different picture regarding Bitcoin accumulation. In a recent "Quicktake" blog post, onchain analytics platform CryptoQuant presented several reasons for optimism.
"Today, these early large holders can finally exit the market more easily, and it’s essential that this distribution phase takes place," argued contributor Darkfost.
"Now, if we zoom out and look at the bigger picture, whales are still accumulating in this cycle. Here we can see that the 1-Year Change in Whale Holdings has been increasing since 2023."
An accompanying chart illustrates that the one-year change in whale holdings has remained positive for the past two years.
This trend has stabilized in recent months, suggesting a more favorable outlook for prices.
"After a strong month of August, whale holdings dropped sharply from 398,000 BTC down to 185,000 BTC in October, just as BTC was breaking above $123,000. Since then, accumulation has resumed, and their holdings climbed back up to 294,000 BTC as of November 7," the post elaborated.
"So even though some whales seem to be exiting the market, we’re seeing new ones arrive, and existing players are continuing to accumulate as well."
Bitcoin accumulator wallets added a significant 50,000 BTC to their total holdings in a single day as BTC/USD revisited levels below $100,000.
"Over the medium to long term, a portion of whales are still increasing their exposure, and the current trend looks nothing like the distribution phase that unfolded at the end of the 2021 cycle," Darkfost concluded.