As of Wednesday morning, October 22, Bitcoin was trading around $108,326, down about 0.4% over the past hour and roughly 4% lower for the week, according to data from CoinGlass. Ethereum hovered near $3,866, a 0.5% dip on the day and over 6% down week-on-week.
Bitcoin attempted to break past the $114,000 resistance mark before retreating toward $108,500, said Edul Patel, CEO of Mudrex. “The market remains fragile due to limited macro cues and ongoing geopolitical uncertainty. However, the upcoming U.S. CPI data could act as a turning point. A softer inflation reading may strengthen hopes of rate cuts and improve sentiment for risk assets like cryptocurrencies,” he added. Patel noted that a sustained move above $114,000 could open the path toward $120,000.October had kicked off on a positive note after Bitcoin briefly climbed to $122,500, its highest level in nearly a year. But the rally fizzled when U.S. President Donald Trump announced additional tariffs on several Chinese imports, sparking a wave of selling across global risk assets. The announcement triggered panic in crypto markets, leading to the record $19 billion liquidation.During the flash crash, Bitcoin tumbled by about 15% to $104,600, while Ethereum slumped over 20% to around $3,500 before recovering slightly. Since then, digital assets have struggled to regain momentum as traders turn cautious amid persistent volatility.
Also read: Gold prices extend fall after posting sharpest drop since 2020 on easing U.S.-China trade tensions. What’s next for investors?
“Bitcoin eased to around $108,000 after failing to hold gains near $114,000, partly due to rotation of capital away from gold, which dropped more than 5% from recent record highs,” said CoinSwitch’s Markets Desk in a note.
“Spot crypto trading volumes rose to nearly $240 million in the last 24 hours, while Bitcoin ETFs saw $266 million in inflows and Ethereum ETFs added about $99 million, indicating renewed accumulation after a pause. BTC has firm support near $108K, with resistance at $111K–$113K, and a breakout above that range could trigger fresh upward momentum,” it added.
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