In the ever-volatile world of cryptocurrency trading, Bitcoin (BTC) has been facing significant downward pressure, particularly linked to traditional finance (TradFi) influences. According to Skew Δ, a prominent market analyst, this sell-off intensified since the CME futures opened on Sunday, November 3, 2025, and persisted into early week trading sessions. The key pivot point appears to be around the $105,000 level, which has shifted from a strong bidding area to one dominated by selling interest. This transition is evidenced by persistent ask orders capping any upward price movements, signaling a broader institutional shift towards net selling positions. Traders monitoring BTC/USD pairs on major exchanges should note this as a critical resistance level, where failure to break above could reinforce bearish sentiment and lead to further price corrections.

BTC Price Dynamics and Institutional Sell Pressure

Diving deeper into the market mechanics, the analyst highlights how this institutional selling has triggered a noticeable deepening of the Coinbase discount as of November 4, 2025. For those unfamiliar, the Coinbase discount refers to the price differential where BTC trades at a lower value on Coinbase compared to other platforms, often indicating spot market selling pressure from U.S.-based institutions. This metric has been a reliable indicator of TradFi involvement, and its expansion suggests hedging strategies are in play. In the perpetual futures (perps) market, there's been a marked increase in net short positioning, with price action being hammered by consistent spot sells. Data from this period shows persistent negative delta—meaning more selling volume than buying—coupled with rising open interest, painting a picture of a market that's heavily hedged for potential downside. For BTC traders, this implies monitoring trading volumes on pairs like BTC/USDT on Binance or BTC/USD on Coinbase, where 24-hour volumes have likely surged amid this volatility, offering opportunities for short-term scalping if support levels hold.

Key Support at $100K and Potential Rally Triggers

A pivotal level to watch is $100,000, which Skew Δ emphasizes as crucial for BTC's near-term trajectory. If sellers fail to push prices below this threshold, it could spark a large short-covering rally, potentially driving BTC back towards $105,000 or higher. This scenario is supported by on-chain metrics, such as increased short positioning in perps, which often precedes squeezes when market sentiment shifts. From a trading perspective, resistance at $105K combined with support at $100K creates a defined range for strategies like range trading or breakout plays. Institutional flows, particularly from TradFi entities entering via CME futures, are exerting this pressure, but any failure in downside momentum could lead to rapid upside. Traders should look at indicators like the Relative Strength Index (RSI) on hourly charts, which might show oversold conditions around $100K, signaling buy opportunities. Additionally, cross-market correlations with stock indices like the S&P 500 could amplify movements, as BTC often mirrors risk-on or risk-off sentiments in equities.

Looking at broader implications for cryptocurrency markets, this BTC sell pressure underscores the growing interplay between TradFi and crypto. With ETH and other altcoins potentially following BTC's lead, traders might explore hedging with pairs like ETH/BTC to mitigate risks. Market sentiment remains bearish in the short term, but the hedged positioning suggests volatility ahead. For those eyeing trading opportunities, focus on high-volume periods during U.S. trading hours, where TradFi influence is strongest. Support levels below $100K, such as $95,000 from previous consolidations, could come into play if breached, while resistance above $105K might target $110,000 in a rally. Overall, this analysis points to a market at a crossroads, where precise entry and exit points based on real-time volume and order book data will be key to capitalizing on BTC's movements.

To optimize trading strategies amid this setup, consider incorporating tools like moving averages— the 50-day MA around $98,000 could act as dynamic support. On-chain data from sources like Glassnode might reveal wallet activity spikes, indicating accumulation or distribution phases. For SEO-focused insights, Bitcoin price analysis today highlights $100K as a make-or-break level for bulls, with potential short squeezes offering high-reward setups. Institutional Bitcoin selling pressure continues to dominate, but reversal signals could emerge if global economic data, such as upcoming U.S. election impacts, shifts risk appetite. In summary, staying vigilant on these levels ensures traders are positioned for both downside protection and upside potential in the BTC market.