Bitcoin (BTC) price slid under $105,000 on Friday, tagging a 15-week low and revisiting support levels first probed during last week's tariff-sparked selloff. The drop extended Bitcoin's deviation from its October 6 all-time high of $126,000 to 16.5%, with short-term momentum weakening after repeated failures to hold above $112,000–$116,000. Price is now compressed between a $104,000–$107,000 demand zone and heavy resistance near $120,000–$124,000.
Technicians noted that Bitcoin interacted with its 200-day moving average for the first time in six months, while the 20- and 50-day MAs trend lower, typical of a cooling phase after a vertical rally. Despite the headline drop, derivatives data pointed to a controlled deleveraging rather than panic, with open interest resetting to mid-year levels and funding rates flipping negative during the flush, indicating speculative longs were forced out. Spot flows remained steadier by comparison, suggesting long-term holders were largely unmoved.
Macro stress amplified the move, with renewed pressure on U.S. regional banks due to auto sector bankruptcies exposing risky loans. This fed risk-off flows just as U.S.–China trade tensions re-flared. Equities slid, with the S&P 500 dropping 0.63% and the Dow Jones losing 0.65%, while gold printed fresh highs, highlighting a safe-haven bid. Market odds favor a potential Fed rate cut at late-October or early-November meetings, which could ease financial conditions and support a Q4 crypto rebound; a hawkish surprise, however, would likely extend consolidation.
Bitcoin ETF flows moderated from record paces, with select U.S. crypto funds posting net outflows this week as investors de-risked. Nonetheless, the broader investment case—including ETF access, institutional adoption, and a structurally constrained BTC supply—remains intact, according to several desks framing the slide as a healthy reset after October's exuberance.
Altcoins extended losses as liquidity rotated into BTC and stablecoins. Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Ripple (XRP) dropped 7–12% on the day, while higher-beta names like Dogecoin (DOGE) and Cardano (ADA) fell more sharply week-to-date. Historically, this phase of rising Bitcoin dominance persists until Bitcoin stabilizes and risk appetite returns downstream.
Liquidations totaled $1.19 billion across the crypto market, with Bitcoin accounting for $317.8 million and Ethereum for $196.3 million in long liquidations. Key levels to watch include support at $104,000–$106,000, then $101,000–$102,000; resistance at $110,000–$113,000, $116,000, and $120,000–$124,000. A decisive close back above $120,000 would reassert the uptrend.
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