After closing out October with a 4% decline, Bitcoin staged a strong rebound on November 10. According to Gate market data, BTC stabilized near $103,000 before accelerating upward, hitting a local high of $106,683.
Meanwhile, ETH found support around $3,480 and began a new upward move, reaching a local high of $3,658. This rally coincided with Trump’s announcement of a $2,000 "tariff dividend" for every American, which the market believes could further fuel Bitcoin’s rise.
01 October Gloom: Bitcoin Ends Down, Market Sentiment Turns Fearful
Looking back at October, Bitcoin ended the month with a 4% drop, breaking its previous streak of gains.
Multiple mainstream media outlets and research institutions reported that this downturn was primarily driven by ongoing macro uncertainty stemming from the prolonged U.S. federal government shutdown.
With the shutdown lasting over a month, market pressure intensified, and Bitcoin fell below $100,000 several times—the first such breach since early August.
Despite the price decline, on-chain data revealed some resilience. This year, approximately 4.64 million Bitcoins, worth over $500 billion, have moved out of dormant wallets.
This suggests that long-term holders may be repositioning, injecting new liquidity into the market.
02 The Comeback: Multiple Factors Push Bitcoin Past $106K
Bipartisan Agreement Signals Imminent Government Reopening
Bitcoin’s strong rebound on November 10 was closely linked to political developments out of Washington.
According to several reputable media sources, Senate Democrats and Republicans reached an agreement to reopen the government. Moderate Democrats agreed to support procedural motions to fund the government, ending a 40-day stalemate.
This news was immediately reflected in prediction markets. On Myriad, users estimated the probability of the government reopening before November 15 at over 90%, up from just 37% 24 hours earlier.
As uncertainty eased, investor confidence received a significant boost.
Trump’s Tariff Dividend Plan Sparks Market Optimism
Beyond the positive news of the government reopening, Trump’s proposed tariff dividend plan injected further momentum into the market.
Trump pledged to distribute a $2,000 "tariff dividend" to most Americans, funded by $19.5 billion in tariff revenues.
Analysts believe that some of these direct payments to consumers could flow into the cryptocurrency market, creating new buying pressure.
Prominent crypto commentators like Arthur Hayes noted that the U.S. government’s move to print money and distribute benefits could drive gains in Bitcoin and privacy coins such as ZEC.
03 Capital Flows: ETF Outflows and the Rise of Solana ETF
Bitcoin and Ethereum ETFs See Significant Outflows
Although the Bitcoin price rebounded, capital flow data revealed lingering concerns in market sentiment.
According to Gate Research’s daily report on November 10, BTC ETFs saw a net outflow of $558 million on November 7, with BlackRock’s IBIT losing $131 million and Fidelity’s FBTC losing $256 million.
Ethereum ETFs were not spared. On November 7, ETH ETFs saw a net outflow of $46.6 million, with Fidelity’s FETH accounting for $72.2 million in outflows.
These numbers indicate that institutional investors remain cautious despite the price recovery, likely due to ongoing macro uncertainty.
Solana ETF Shines
While Bitcoin and Ethereum ETFs experienced outflows, the newly launched Solana ETF attracted robust inflows.
Last week, Bitwise’s Solana ETF (BSOL) recorded a net inflow of $126 million in its first full trading week.
Since its listing on the New York Stock Exchange on October 28, the fund has accumulated $545 million in net inflows, including $223 million in seed capital.
This performance highlights growing investor interest in crypto assets beyond Bitcoin and Ethereum.
04 Technical Analysis: Key Resistance and Support Levels Explained
From a technical perspective, Bitcoin’s rebound on November 10 encountered critical resistance levels.
Professional analysis indicates that BTC’s short-term trend remains strong, but upward momentum is slowing. Investors should watch the strength of support at $105,000 and the potential breakout above $106,700.
If Bitcoin can consistently break through the $106,500 resistance zone, it may continue climbing toward $107,500 or even $108,000.
On the other hand, if the rally falters, Bitcoin may test lower support levels.
Immediate support is near $104,850, with the first major support around $104,200. A break below these levels could see BTC testing the $103,500 support area.
Ethereum’s performance is also noteworthy. ETH’s short-term trend remains strong, but overhead resistance is building.
Investors are advised to monitor the effectiveness of support at $3,600 and the potential breakout above the $3,700 zone to assess whether the trend will continue or a short-term correction is likely.
05 Altcoin Performance: COTI, RESOLV, and 1INCH Lead the Rally
With Bitcoin and Ethereum rebounding, several altcoins have posted impressive gains.
Gate market data shows COTI tokens currently priced at $0.052, up about 55.38% in the past 24 hours.
COTI’s surge is mainly driven by the launch of its privacy Layer2 mainnet and ecosystem incentive programs.
RESOLV tokens also performed strongly, currently priced at $0.13, up about 36.09% in 24 hours.
This project is a DeFi protocol issuing the USR stablecoin, which is collateralized with ETH and BTC and maintains its peg to the dollar using a "delta-neutral" strategy.
Veteran DeFi token 1INCH is also gaining ground, currently trading at $0.219, up about 11.8% in 24 hours.
As market sentiment warms, capital is rapidly returning to the DeFi sector, making 1inch a focal point for investors.
06 Emerging Trends: Solana Mining Boom and the Rise of Privacy Coins
ORE Breaks $1 Million in Daily Revenue
Solana ecosystem mining protocol ORE recorded over $1 million in single-day revenue on November 9, a new all-time high.
After launching its new V2 mining protocol, ORE quickly regained market attention, driving both token price and protocol revenue higher.
The updated protocol uses a 5×5 grid mining system, with each round lasting one minute. Miners stake SOL to compete for blocks, and SOL from unsuccessful blocks is redistributed to winners.
ORE’s breakout marks a milestone for "gamified mining" models within the Solana ecosystem.
Privacy Coins Surge
As Bitcoin rebounds, privacy coins are also showing strong momentum.
Zcash (ZEC) has surged 1,172% this year, becoming the 14th largest cryptocurrency by market cap.
This remarkable growth is mainly attributed to increased adoption of privacy-focused zk-SNARKs technology and a doubling of daily active addresses.
07 Market Outlook: Short-Term Optimism and Long-Term Risks
Looking ahead, analysts remain cautiously optimistic about Bitcoin’s prospects.
While news of the government reopening has boosted the market, investors should continue to monitor key macro events and on-chain indicators.
Potential Risk Factors
The crypto market still faces multiple risks. There is considerable uncertainty over whether the U.S. Securities and Exchange Commission (SEC) will approve a Cardano ETF by year-end.
A month ago, CoinDesk reported a 90% chance of ADA ETF approval by the end of 2025, but that probability has now dropped to 38%.
Additionally, Trump’s tariff dividend plan faces legal risks. The Supreme Court is reviewing Trump’s emergency tariff powers, and if these tariffs are ruled invalid, it could trigger over $100 billion in refunds, potentially disrupting market sentiment.
Positive Signals
On the other hand, on-chain data reveals some encouraging signs. For example, Ethereum’s daily active addresses grew by 41% in the week leading up to November 10, indicating rising user activity.
Meanwhile, 70% of leading Bitcoin mining companies report that their AI or high-performance computing projects have started generating revenue, signaling an accelerating trend toward mining diversification.
Outlook
How far Bitcoin’s rally will go remains to be seen. Gate Research’s daily report notes that BTC’s short-term trend is strong, but upward momentum is slowing, with $106,700 as a key resistance level.
With the U.S. government set to reopen and Trump’s tariff dividend plan potentially coming to fruition, it could—as Arthur Hayes suggests—inject new vitality into Bitcoin and the broader crypto market.
Hope is born from despair, and opportunity emerges amid uncertainty.
