Bitcoin could test a key resistance level around $111,000. Michael Saylor’s “₿uy Now” call and James Chanos’ exit from bearish trades signal a major sentiment shift in the market.
Saylor Makes Bold Bitcoin Buy Call
The outspoken message of Buy Now by Saylor brought back bullish hopes. The mere mention went viral in crypto circles. It is one of the first signs of faith that the next big uptrend for Bitcoin might come as early as possible.
₿uy Now
— Michael Saylor (@saylor) November 8, 2025
The timing is notable. Strategy Inc. has continued to expand its BTC position despite price swings. After raising over $700 million in preferred stock recently, Strategy is poised to purchase more Bitcoin.
Saylor’s “₿uy Now” post reinforces his belief that BTC’s long-term trajectory remains intact even near resistance. According to new Glassnode figures, BTC will be under pressure between a range of $111,342 and $111, 626.
Analyst Ali noted that about 140,488 BTC were last transacted in that range, making it a potential barrier for bulls. The on-chain data suggests that a large number of holders may look to sell once the price revisits that zone.
Institutional Interest Grows as Chanos Closes Short
Ali said traders should monitor the $111,600 level closely, describing it as a point of heavy profit-taking pressure. “If BTC breaks this zone decisively, it could mark the start of a new rally,” he wrote, highlighting that a clear move above would likely accelerate institutional inflows.
Saylor’s post arrives as the broader BTC treasury market shows early signs of recovery, with major institutions also expanding exposure. A recent instance is JPMorgan’s investment in BlackRock’s Bitcoin ETF.
Also, veteran short-seller James Chanos revealed that his firm has officially unwound its long-standing short position on Strategy-BTC hedge. “We have unwound our $MSTR/Bitcoin hedged trade as of yesterday’s open,” Chanos confirmed.
This development drew a quick response from Bitcoin advocate Pierre Rochard. He said the Bitcoin treasury company bear market “is gradually coming to an end.”
As we have gotten some inquiries, I can confirm that we have unwound our $MSTR/Bitcoin hedged trade as of yesterday’s open. pic.twitter.com/lgrWNy35H8
— James Chanos (@RealJimChanos) November 8, 2025
Chanos Exit Signals Possible Bitcoin Reversal
Rochard, the CEO of The Bitcoin Bond Company, described Chanos’ exit as the kind of signal that often precedes a reversal in market sentiment. He warned of continued volatility but said the move marks an important psychological turning point for corporate Bitcoin adoption. BTC price is around $101,650, down 1.57% in the past 24 hours per TradingView.
The bitcoin treasury company bear market is gradually coming to an end. Expect continued volatility but this is the kind of signal you want to see for a reversal. https://t.co/Z9OBH57u5J
— Pierre Rochard (@BitcoinPierre) November 8, 2025