Bitcoin Price Analysis: BTC Rebounds After Hitting $104,000, Is The Worst Over?

Bitcoin (BTC) slumped to a low of $103,736 on Friday as the price sank to levels not seen since ￰0￱ haven bets clearly favored gold as the asset’s market cap surged to a record $30 trillion, up 18% over the past ￰1￱ analysts believe BTC’s bull run could be over, warning that it risks a 50% ￰2￱ ETFs Shed Over $1 Billion Spot Bitcoin ETFs shed over $1.2 billion this week as Bitcoin plunged to multi-month ￰3￱ eleven US spot Bitcoin ETFs registered an aggregate outflow of $366 million on Friday, rounding off a bearish week for the asset and its associated investment products. BlackRock’s IBIT registered the largest outflows with $268.6 million, followed by Fidelity, which lost $67.2 million.

Grayscale’s GBTC registered outflows of $25 million, while Valkyrie’s ETF registered minor outflows. Friday’s outflows brought the total outflows for the week to $1.22 ￰4￱ outflows came as Bitcoin shed over $10,000 to slip below $104,000 on Friday before rebounding to current ￰5￱ Kruger, market strategist at LMAX Group, stated, “We see the current slump as largely the aftershock of last weekend's historic liquidation event, compounded by broader market uncertainty and some disappointment around October's underwhelming ￰6￱ said, the fundamental outlook remains intact — the crypto market structure looks constructive, and we expect pullbacks to be met with strong support.” Liquidations registered another spike over the past 24 hours, with data from CoinGlass revealing $1.23 billion was liquidated from the ￰7￱ Bull Run On Its Last Legs Analyst CryptoBird believes Bitcoin only has a few days of price expansion left if it follows historical patterns from previous bull ￰8￱ analyst stated in a post on X, “Bull run ends in 10 ￰9￱ Peak Countdown says BTC is 99.3% done (1,058 days in) as we shake out weak hands in classic pre-peak ￰10￱ we in a bear market or is there more upside?” The analyst stated that the Cycle Peak Countdown shows that Bitcoin is 99% done with its upside. “1,058 days since cycle low = 99.3% complete, with only 0.7% remains of this historic bull ￰11￱ October 24 target is exactly 10 days away.” According to CryptoBird, the ongoing pullback is right on schedule, adding that it is “classic pre-peak behavior.” Additionally, BTC’s drop below key support levels has led to structural weaknesses, potentially leading to a deeper ￰12￱ Daan Crypto Trades stated in a post on X, “ BTC is losing its Daily 200MA & EMA for the first time since ￰13￱ that, also the local support level at ~$107K is ￰14￱ testing the .786 fibonacci retracement level from this move up, and also when measuring from the wick on other ￰15￱ Coinbase pair didn't go as ￰16￱ this zone and the June lows are on the ￰17￱ was the main region I've been waiting for so let's see what we ￰18￱ grass if bulls can't manage to hold this level this week.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) plunged to an intraday low of $103,516 on Friday, dropping to a multi-month low as selling pressure ￰19￱ flagship cryptocurrency has rebounded during the ongoing session, trading around $106,774.

While prices are stressed, Strike CEO Jack Mallers believes Bitcoin could benefit from any liquidity crisis that follows if regional banks continue to face renewed ￰20￱ sees the banking stress as validation that BTC is pricing in an impending liquidity crisis, and that the Federal Reserve’s response will ultimately drive prices ￰21￱ stated, “Bitcoin is accurately smelling trouble right ￰22￱ US is going to have to inject some of that sweet, sweet liquidity soon and print a ton of money, or else its fiat empire goes ￰23￱ is the most sensitive to ￰24￱ moves first. It’s a truth ￰25￱ are puking, spreads are blowing out, and banks are ￰26￱ is ￰27￱ smells of ￰28￱ they’re forced to print, it’ll move first again, and outperform everything.” The banking crisis is a repeat of the 2023 regional banking ￰29￱ believe that the crisis was never truly resolved, but only papered over with bailouts and ￰30￱ traders and analysts warned of a potential drop below the key $100,000 level, with prices potentially falling to $98,000 if this support was breached.

Meanwhile, others saw an attempt to fill a daily candle wick from last week that took prices down to $102,000 on ￰31￱ failed to stay above key levels in its latest downturn, with analysts warning there is almost no support until the $101,000 ￰32￱ investor Ted Pillows stated, “ BTC has lost the $108,000 support ￰33￱ there’s little to no support until $101,000-$102,000. If Bitcoin manages to reclaim the $110,000 level from here, we could see a bounce back. Otherwise, expect more pain before relief.” BTC and the crypto market crashed on Friday after President Trump announced 100% tariffs on Chinese goods and new export controls for ￰34￱ announcement was made in retaliation for China's imposition of restrictions on rare earth mineral ￰35￱ a result, BTC plunged to $102,000 on Binance before recovering and settling at $112,980.

Selling pressure persisted on Saturday as the price fell almost 2% to $110,768. Despite the overwhelming selling pressure, markets recovered on ￰36￱ a result, BTC rose nearly 4% to reclaim $115,000 and settle at $115,067.