Key TakeawaysBitcoin price fell 3.1% to $107,659 as macro uncertainty drives crypto market volatilityLong-term holders sold ~40K BTC, dampening institutional interest and capping upsideTechnical indicators show weakening momentum Bitcoin Price Update: Fresh Declines Below $108KBitcoin price dropped to $108,131, falling 2.77% in the past 24 hours, extending its 7-day loss to 3.27%. The move comes after the cryptocurrency failed to hold the $112K resistance, triggering renewed automated selling pressure. This drop aligns with broader crypto market declines of 2.82%, with altcoins like Ether (-4.77%), BNB (-5.36%), and Solana (-4.26%) also retreating. Macroeconomic Tensions and ETF Selling Intensify Bearish PressureOngoing US-China trade tensions and the upcoming Xi–Trump meeting in South Korea are driving short-term volatility. Traders are derisking ahead of this event, contributing to the current downtrend.At the same time, Bitcoin ETFs recorded $223M in outflows last week (CryptoQuant), while long-term holders sold approximately 40,000 BTC, creating a supply overhang. This move has weakened institutional demand despite broader market interest in digital assets. Technical Indicators Show Weakening MomentumLatest market data reveals a broadly negative technical outlook:The MACD level stands at −2,127, signaling bearish momentum.Momentum (10) is at −3,093, while the Relative Strength Index (RSI) reads 40, reflecting low confidence in buying strength.The Stochastic RSI Fast shows a value of 20, indicating potential oversold conditions, though most oscillators remain neutral overall.Across all major moving averages, including the 50-day EMA (113,855) and the 200-day SMA (108,026), the action leans bearish, with prices consistently trading below these key levels.The futures long/short ratio at 0.955 reflects growing bearish sentiment, while $176M in long liquidations (Coinglass) further pressure short-term outlooks. Outlook for BTC: Key Levels and Events to WatchBitcoin is currently hovering below its 200-day SMA of $108,026. A close further below $107K could trigger a drop toward $102K, especially if ETF outflows continue or macro headlines worsen.Key events this week include:U.S. Core Inflation (Oct 24) – Expected at 3.1% YoY, which could impact Fed policy expectations.Fed Meeting (Oct 28–29) – Markets anticipate a 25 basis point rate cut, which may boost risk appetite or reinforce caution if uncertainty persists.
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