Bitcoin (BTC)’s shedding streak deepened on October seventeenth, when the main cryptocurrency plummeted to simply over $104,000, shedding practically $150 billion in market worth in lower than 24 hours.
The decline pushed BTC’s market capitalization to $2.07 trillion from $2.216 trillion on October 16, elevating considerations that the $100,000 threshold might be examined within the coming days.
The decline was brought on by a brand new escalation in U.S.-China commerce tensions. President Trump’s risk to impose 100% tariffs on Chinese language imports despatched a shockwave by way of international danger property, driving traders towards gold whereas draining liquidity from cryptocurrencies.
The Spot Bitcoin ETF recorded $536 million in outflows on October 16, the biggest single-day withdrawal since August, highlighting the retreat of even institutional traders within the face of rising uncertainty.
The derivatives market added gasoline to the hearth. Greater than $1.15 billion of leveraged Bitcoin longs had been liquidated inside 48 hours, setting off a series of compelled sells and accelerating the decline. One of these unwinding of leverage has repeatedly amplified volatility in periods of macro stress, and October’s selloff was no exception.
Bitcoin worth evaluation
Technicians offered little help. BTC decisively fell under $109,000, under the 200-day easy transferring common of $107,402, and broke by way of the decrease certain of the enlargement channel close to $99,500.
Indicators stay bearish. The day by day RSI is deep in oversold territory at 28, however the MACD continues to point out downward momentum.
The main focus now shifts to November 5, when the threatened tariffs go into impact. Any indicators of compromise between the US and Chinese language governments might present reduction for dangerous property, however with out it Bitcoin faces the opportunity of additional decline. As macro uncertainty and technical weak spot collide, the $99,500 help zone is the final barrier earlier than BTC dangers falling under six digits.
