'Most hated bull run ever?' 5 things to know in Bitcoin this week

Bitcoin (BTC) storms back above $106,000 to start the week as US government reopening excitement takes over.

• Bitcoin joins risk assets in rebounding amid hopes that the US government will end its record shutdown this week.

• US inflation data could also return, providing key insight into future Fed policy.

• US President Donald Trump’s pledge to give most Americans $2,000 rekindles COVID-era stimulus enthusiasm.

• Bitcoin derivatives traders remain cautious, with little interest in betting on new highs.

• Bitcoin whales are on the radar as consistent sellers throughout 2025.

BTC price spikes to $106,500

Bitcoin finally gave bulls hope at the weekly close, which ultimately came in above $104,500.

Data from Cointelegraph Markets Pro and TradingView also confirms BTC/USD preserving a key 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 told followers in one of his latest posts on X.

The US government shutdown marks a pivotal event for market sentiment, affecting both cryptocurrency and the broader risk-asset landscape.

Data from monitoring resource CoinGlass shows the amount of liquidity at stake, even from a relatively small BTC price move. 24-hour cross-crypto liquidations, meanwhile, stood at nearly $350 million at the time of writing.

Discussing support and resistance levels, trader CrypNuevo had a clear line in the sand in mind.

“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.”

Plenty of caution remained, with various market participants warning that the uptick 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/VKHP4IcWLn pic.twitter.com/dKfgrvH3ci— Roman (@Roman_Trading) November 10, 2025

Shutdown talk brings CPI week into focus

With talk of the US government shutdown coming to an end imminently, inflation data is back on the menu 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) print is notionally due for release on Thursday, along with initial jobless claims, followed by the Producer Price Index (PPI) a day later.

The absence of the shutdown would provide a key window into the state of the economy, including the impact of US trade tariffs.

These currently face Supreme Court scrutiny, and any announcements related to them could inject fresh volatility into the market.

“Amid the data blackout, the Fed is cutting rates and market volatility is returning,” trading resource The Kobeissi Letter summarized Monday.

Kobeissi referred to expectations of further interest-rate cuts in 2025, with the Fed’s December meeting anticipated to produce another 0.25% decrease, per data from CME Group’s FedWatch Tool.

With stocks bouncing back on the improved US outlook, trading resource Mosaic Asset Company argued that the current market trend could be 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,” it noted in the latest edition of its regular newsletter, “The Market Mosaic.”

Mosaic also referenced “excessive levels of fear,” as reported by several 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 reacted instantly to comments from US President Donald Trump late Sunday after the latter pledged to pay the majority of US citizens $2,000.

Tied to Trump’s international trade tariffs, the payout was revealed in a post on Truth Social.

“A dividend of at least $2000 a person (not including high income people!) will be paid to everyone,” it stated.

Reacting, Kobeissi quickly likened the move to the COVID-19 era stimulus checks.

“Stimulus checks are officially back,” it wrote on X.

As Cointelegraph reported at the time, the repeat issuance of the checks sparked bullish crypto market price action due to their implied impact on the US money supply. $1,200 checks from April 2020 invested in Bitcoin at the time are now worth around $20,000.

This time around could be no different, analysts told Cointelegraph last week, as they eyed an “additional liquidity catalyst.”

Both US and international liquidity increases have buoyed the crypto bull case throughout the year. Global broad money supply now stands at $142 trillion — a new record.

“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, meanwhile, hangs in the balance as the US Supreme Court decides on its legality.

Options traders are on the alert

Bitcoin derivatives traders have “little trust in a bottom” around $100,000 as open interest rebounds.

Research from onchain analytics platform Glassnode warns that “fear” remains the driving force on Bitcoin options markets in particular.

Analyzing put-call volumes late last week, Glassnode had little good 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,” it wrote in an X thread. 

“Even then, puts rose again, markets expect a retest and remain hedged.”

Data further shows that traders lack a long-term mindset when it comes to Bitcoin, even shunning the odds of a rebound to $120,000.

“Options data show the market remains in fear mode, with little confidence in a lasting bottom,” the thread stressed.

Open interest, which had seen a significant decline as the price tumbled, has already started creeping higher.

As Cointelegraph reported, bulls may thus end up taking longer to stabilize price and stage a rebound of their own.

Bitcoin whale selling becomes standard

Bitcoin whales dominate the headlines during the BTC price dip as relentless selling makes traders nervous.

Related: Bitcoin treasury bear market tipped to end as short seller backs off MSTR

As Cointelegraph reported, 2025 as a whole has been marked by long-term whales reducing their BTC exposure. On average, whales have sold over 1,000 BTC per day.

Zooming out, however, the picture changes when it comes to Bitcoin accumulation. In one of its “Quicktake” blog posts on Sunday, onchain analytics platform CryptoQuant gave several reasons to be bullish.

“Today, these early large holders can finally exit the market more easily, and it’s essential that this distribution phase takes place,” contributor Darkfost argued. 

“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 confirms that for the past two years, the one-year change in whale holdings has remained positive. 

Even in recent months, the trend has stabilized — pointing to a brighter 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 continued. 

“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 giant 50,000 BTC to their total holdings in a single day as BTC/USD revisited sub-$100,000 levels.

“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.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.