Bitcoin slid to fresh weekly lows on Thursday as Wall Street opened, mirroring a wider pullback in risk assets despite supportive macro factors.
BTC retests $107,000 support zone
According to TradingView data, Bitcoin briefly fell toward the $107,000 mark — a critical support level that defines the lower boundary of its recent trading range. Bulls are now tasked with defending this zone to prevent deeper losses.
$BTC Another test of $107K. Still in the range as we speak.
All levels to watch from low to high: 🔸$103K (Wick low). 🔸$107K Local range low & support. 🔸$111K Mid range & high volume node. 🔸$116K Range high & resistance.
The decline followed a 0.25% interest rate cut by the US Federal Reserve, a move that initially sparked optimism but soon faded as traders reassessed the macro landscape. Hopes for a US–China trade agreement, meant to prevent new tariffs from taking effect on November 1, also lost traction amid uncertainty despite positive comments from US President Donald Trump.
After meeting with Chinese President Xi Jinping, Trump wrote on Truth Social:
“I had a truly great meeting with President Xi of China. There is enormous respect between our two countries. We agreed on many things, and others of high importance are close to being resolved.”
Still, markets remained cautious. Both the S&P 500 and Nasdaq opened lower, while gold surged back above $4,000 per ounce as investors sought safer assets.
Volatility returned to crypto markets, with CoinGlass data showing more than $1.1 billion in liquidations over 24 hours as leveraged positions were wiped out across exchanges.
Mixed trader sentiment on Bitcoin’s next move
Some analysts remained calm about Bitcoin’s structure. Trader CrypNuevo suggested that BTC was merely retracing imbalances formed after the Fed announcement:
“Nothing to worry about — price is just cleaning up the new imbalances created this evening.”
He also pointed out that Bitcoin’s CME futures gap from the weekend had now been filled, a common technical pattern.
Others, however, were more cautious. Trader Roman noted that Bitcoin’s failure to mirror stock market rallies could become problematic once equities reverse direction, warning that “a sharp correction might follow.”
So when the $SPX finally has some sort of retrace/correction, my guess is $BTC drops by a solid margin. Maybe 20-30%.$BTC has been moving sideways while stocks have been going straight up 40%+. The lack of strength is very evident.
According to CoinGlass, October has now turned negative for Bitcoin — the first red October since 2018 — with just one trading day left in the month. Historically, October has averaged a 20% gain since 2013, adding pressure on bulls to turn sentiment around before month’s end.
