Key Points:
After the Federal Reserve cut interest rates, Bitcoin once again tested the bottom of this region.
Traders betting on a rise suffered heavy losses, with long positions liquidated close to $1 billion.
If the stock market continues to plummet, Bitcoin's price could drop by 30%.
Bitcoin hit a new weekly low when Wall Street opened on Thursday, with the stock market unaffected by macro-positive factors.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin's price is approaching $107,000.
This price level is the bottom of the current BTC/USD range and is a key defense position for bulls.
$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. We're just playing ping pong between those levels. One… https://t.co/obzd3PYwzf pic.twitter.com/XsxoGxHzqR
The Federal Reserve cut rates again by 0.25% the day before, leading to a pullback in cryptocurrencies and the U.S. stock market.
A potential macro catalyst this week—a trade agreement between the U.S. and China to avoid high tariffs starting November 1—lacks certainty despite optimistic remarks from U.S. President Donald Trump.
Donald Trump posted on Truth Social that after meeting with Chinese President Xi Jinping, the two countries "reached many consensuses."
"I had a great conversation with Chinese President Xi Jinping. There is mutual respect between the two countries, and this respect will be further enhanced based on everything that just happened," the post stated.
The S&P 500 and Nasdaq Composite both opened lower that day, while gold rose, breaking back above the $4,000 per ounce mark.
A significant number of liquidations have become a notable feature of the turbulence in the cryptocurrency market. According to monitoring platform CoinGlass, as of the time of writing, the liquidation amount in the past 24 hours has exceeded $1.1 billion.
Participants have differing views on the market outlook.
Some, including trader CrypNuevo, believe that Bitcoin is repeating its "normal" performance during the Federal Reserve meeting.
"There is no need to worry about market structure or trends—current prices are retracing the imbalance created tonight," he told his followers on the X platform.
CrypNuevo pointed out that Bitcoin has filled the latest weekend "gap" in the CME Group futures market.
Other views are less optimistic. Trader Roman warned that since BTC/USD has failed to follow stocks even during rises, its trend reversal could trigger another price crash.
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. It’s coming folks. https://t.co/bLL0fyqSkR pic.twitter.com/wYfTCN8m3l
CoinGlass data shows that October this year is the first time Bitcoin has recorded a decline since 2018, with only one trading day left to reverse the situation.
According to Cointelegraph, Bitcoin's average increase in October since 2013 has been 20%. However, this October faces a rare decline, with only the last trading day determining the final trend.
Related: Coinbase refutes banking concerns: Stablecoin threat narrative "ignores real use cases"
Original: “Bitcoin (BTC) Faces '20%-30%' Drop Risk, Crypto Market Liquidations Reach $1.1 Billion in 24 Hours”
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