On October 30 (UTC), analysts highlighted long-term trend tests, public anxiety, and an initial support zone. CoinDesk Research’s technical analysis model indicated increased trading activity and a narrow range near the support level.
Analyst Insights
Altcoin Daily noted that during bull markets, Bitcoin often revisits the 50-week moving average, currently around $103,000. A “retest” indicates a price drop back to a significant trendline to check if buyers will return. See X post
Santiment reported that the dip to $107,000 on October 30 led to a spike in social media posts predicting prices below $100,000. Their chart shows blue bars indicating discussions about $50,000–$100,000 outcomes and red bars tracking $150,000–$200,000 forecasts; the query highlights retail fear, peaking since the October 10 crypto crash, noting that markets frequently counter widespread expectations.
CoinDesk Senior Analyst Omkar Godbole wrote that $97,000 appears to be the initial support level. His accompanying chart depicts broad consolidation with a lower limit approaching the high-$90,000s, indicating that $97,000 is a key area where declines have historically paused.
Key Technical Analysis
- Market performance: Increased by 0.98% to $107,247 in the last 24 hours, showing a 0.78 percentage point outperformance against the CoinDesk Index (CD5), suggesting Bitcoin mirrored market trends.
- Price activity: A previous decline ranged from $111,909 to $107,804 (approximately 4.0%, $4,497 range). The sharpest decline went from $110,826 to an intraday low of $108,048.
- Largest trading spike: The heaviest transaction recorded was 31,143 Bitcoin traded (about 185% of the 24-hour average).
- Price consolidation: Prices fluctuated between $107,650 and $108,225, forming a tight band just over $107,000.
- Strategic targeting: The technical analysis model refers to a range of $110,000 to $117,800 as part of strategic repositioning rather than a panic response.
Market Patterns and Positioning
- Market stabilization: A narrow price band from $107,000 to $108,000 often indicates a moment for the market to stabilize, allowing buyers and sellers to reset.
- Supply dynamics: Activity above the trend combined with long-term holder sales suggest supply has been meeting demand during periods of strength, capping rallies until absorption occurs.
- Selling resistance: Past rejections at $111,650 and the range of $112,000 to $113,000 indicate strong seller activity.
Support and Resistance Overview
- Support levels: $107,400 to $108,000 serve as the immediate support shelf; with the 200-day moving average near $109,000 as a reference.
- Resistance levels: First at $111,650, followed by $113,600; previous pushback also noted around $112,000 to $113,000.
Volume Analysis
- Overall trading volume: 60.5% higher than the seven-day average throughout the day.
- Peak trading activity: The most substantial bar recorded 31,143 Bitcoin (about 185% of the 24-hour average) during the sharp sell-off, consistent with distribution pressure.
- Trading range participation: Elevated yet consistent prints during the compression phase suggest positioning rather than the emergence of a new trend.
Risk Assessment and Targeting
- If resistance is regained: A sustained rise above $111,650 would suggest targets around $115,800 to $117,500.
- If support fails: A break below $107,400 could extend the drop towards demand zones between $102,000 to $104,000, which are previous accumulation areas.
- Tactical view: With a narrow range and mixed flows, many traders are waiting for a clear breach of the $107,000 to $108,000 range or a definitive reclaim over $111,650 before committing in either direction.
Disclaimer: Some content in this article was produced with AI tools and subsequently reviewed by our editorial staff to confirm accuracy and compliance with our editorial standards. For more details, please refer to CoinDesk’s comprehensive AI Policy.
