Bitcoin could rise to approximately $170,000 over the next 6 to 12 months as leverage resets and its volatility improves relative to gold, JPMorgan analysts said. The team led by Managing Director Nikolaos Panigirtzoglou noted in a Wednesday report that the crypto market has pulled back around 20% from recent highs, with the sharpest decline occurring on Oct. 10 when the perpetual contract market witnessed the largest liquidation event in crypto history. A smaller-scale liquidation followed on Nov. 3, associated with further erosion of investor confidence after the Balancer protocol in the decentralized finance sector suffered a vulnerability exploit exceeding $120 million, reigniting concerns over protocol security.

Bitcoin long positions saw liquidations exceeding $2.8 billion over the past two days, Bitfinex data show. The cryptocurrency fell more than 10.4% during this period, dropping below $99,045 and breaching the October 10 low, while overall market capitalization contracted by $280 billion. Open interest declined to $69.3 billion from $92 billion in early October. Buyers entered the market after the price broke below $100,000, suggesting the deleveraging process may be nearing completion, according to the report.

BlackRock transferred 4,652.87 BTC valued at $478.51 million and 57,455 ETH valued at $194.86 million to Coinbase on November 6, on-chain data show. The combined deposit totaled approximately $678 million across both digital assets.

A whale wallet opened a 40x leveraged long position on Bitcoin valued at $23.05 million at $102,700, on-chain analyst Yu Jin reported on Nov. 6. The position has a liquidation price of $101,400 and used the trader's remaining $570,000 in capital after five consecutive losing trades. The trader had lost $1.4 million shorting ETH the previous evening and withdrew additional capital from the trading platform to add to the position.

A trader deposited 7 million USDC to Hyperliquid via a newly created wallet and opened short positions on Bitcoin and XRP with 20x leverage, Lookonchain reports. The positions total 1,129 BTC (approximately $116 million) and 8,888,888 XRP (approximately $20.35 million). The trader also uses Roobet and Stake platforms.

A significant sell wall has formed above $105,000 for Bitcoin, Coinglass data show on Nov. 6. The spot order book heatmap indicates concentrated sell orders at this level, which could act as resistance for BTC price movement.

A cryptocurrency whale expanded its 40x leveraged Bitcoin long position to $23 million at an average entry price of $102,700, HyperInsight data show. The position has a liquidation threshold of $101,398.8. The whale previously maintained a 100% win rate on trades.

A newly created wallet deposited $7 million USDC to Hyperliquid and opened short positions on Bitcoin and XRP using 20x leverage, on-chain data show. The total position size exceeded $100 million, Onchain Lens reports.

Bitcoin approached its fair value of $98,000 during recent declines, with minimal bubble present compared to the average cost of all active holdings, analyst Murphy said on November 6. The Profit Supply in Profit (PSIP) ratio stands at 72%, falling into the bull market correction extreme zone of 70%-75%, while nearly 40% of circulating supply excluding Satoshi's coins and lost BTC now sits at unrealized losses. Long-term holder loss ratios have surged, signaling the correction may be nearing a relative bottom area. Murphy noted that if the market remains rational, value discovery should attract buying interest, but a further breakdown would indicate either an irrational oversold phase or a confidence collapse that ignores value regression in favor of active risk-off positioning.