On November 5th, Bitcoin experienced severe Fluctuation again, with the range from 100,000 to 108,000 becoming a recent headache of a battlefield.

Prices are being pulled back and forth. The technical aspect is not looking good: the moving average system has turned bearish, the MACD indicator continues to weaken, and whether the 105,000 position can hold is still a question mark.

What about on-chain data? The total network settlement amount exceeded 500 million USD within 24 hours, with approximately 190,000 accounts being liquidated, of which over 65% were long positions. Interestingly, it seems that large accounts haven't been idle — during the fluctuation, there was capital quietly accumulating around the 100,000 mark.

Upwards, the 108,000 resistance level is like a wall; downwards, the 100,000 support looks unstable as well. In this difficult situation of going both up and down, ordinary traders are the most likely to get hurt.

Is this round of fluctuation due to the main force laying out positions, or is it purely a falling continuation? Perhaps the next key price level will provide a clearer directional signal. When market sentiment is in a stalemate, waiting may be wiser than acting blindly.