Bitcoin News Today: Bitcoin Faces $105K Resistance: Breaching This Level May Trigger New Wave of Selling
- Coinglass identifies $105K sell wall as critical resistance for Bitcoin amid shifting market dynamics. - Bitcoin fell 3.7% in October, its first monthly decline in seven years, driven by macroeconomic pressures including U.S.-China trade disputes and oil price volatility. - Over 100,000 BTC traded in October, with analysts warning a breakdown below $113K could trigger a sharp drop to $88K. - Coinbase's Q3 profit rose to $1.05B but Bitcoin's platform premium turned negative, signaling bearish retail senti
Bitcoin Encounters Major Hurdle as Coinglass Identifies $105K Sell Barrier
Bitcoin's value is currently testing a crucial resistance point amid evolving market conditions. According to Coinglass, a prominent provider of crypto analytics, there is a significant sell wall at $105,000 just above the current price, which could present a formidable obstacle for the digital asset. This development follows Bitcoin's atypical performance in October, where it dropped 3.7%—marking its first negative "Uptober" in seven years, as highlighted by an
Wider economic factors have intensified the recent sell-off. Ongoing trade tensions between the U.S. and China, fluctuations in oil prices, and global geopolitical uncertainties have prompted investors to favor traditional safe-haven assets such as gold and the U.S. dollar, according to the Economic Times. Coinglass data further reveals that over 100,000 BTC were traded in October, adding to the downward pressure, the article notes. Experts caution that if
Recent trading activity highlights the market's vulnerability. On October 30, 2025, Bitcoin was priced at $111,328, after reaching a 24-hour low of $107,000, according to
Coinbase's third-quarter financial results send mixed signals. Although the exchange reported a profit jump to $1.05 billion due to increased trading activity, Bitcoin's price premium on Coinbase turned negative at the end of October and into early November, according to the Economic Times. This shift, often seen as a sign of bearish sentiment among U.S. retail investors, suggests growing caution in the market, the article continues.
Looking forward, analysts predict Bitcoin will fluctuate between $107,500 and $123,000 throughout November, with ongoing uncertainty over U.S. economic indicators and a possible government shutdown keeping volatility high, the Economic Times reports. Nevertheless, a "Santa Rally" could materialize in December if the Federal Reserve proceeds with plans to halt quantitative tightening and lower interest rates again, the article suggests. Such policy changes could boost liquidity and market optimism, but traders will be watching the $113,000 resistance and $100,000 support levels for signs of the next trend.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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1. Technology stocks fell sharply as investor interest shifted toward energy and selected defensive assets. From October 10 to 16, the Nasdaq 100 declined 5.49% and the S&P 500 fell 1.95%, while the Dow gained 0.67% and WTI crude rose 10.41%. BTC, ETH, and SOL declined 1.27%, 2.65%, and 4.44%, respectively. This week's technology earnings will be an important test of whether revenue growth, margins, and cash flow can justify current valuations. Better-than-expected results could help stabilize markets in the near term. 2. Crypto continues to see pockets of strong activity, but a broad-based altcoin season has yet to materialize. CoinMarketCap's (CMC) Altcoin Season Index stood at 54 as of the October 18 UTC daily observation, below the altcoin-season threshold of 75, while BTC dominance rose to 60.08%. Our proxy leverage ratio fluctuated between 4.00 and 4.07 during the week, showing no sustained increase and suggesting limited appetite for additional leverage. Meanwhile, as major exchanges expand access to traditional financial assets, the recent sell-off in AI-related equities could attract short-term speculative capital away from crypto. Such capital rotation could make it more difficult for a new altcoin season to take hold. 3. Papertrade's loss-to-mine model has generated significant interest across the crypto community. The protocol combines high-leverage derivatives trading with zero slippage and a mechanism that rewards trading losses with PAPER tokens. Across the eight complete UTC days from October 10 to 17, cumulative reported revenue reached approximately $56.08 million, including $51.90 million distributed to token holders. With growing participation from key opinion leaders (KOLs), Papertrade has reportedly ranked among the top three platforms by profitability in the broader market recently. Assets to watch: BTC, ETH, SOL, ARB, OP, SKHYNIX, SKHY, META, TSLA, LRCX, and SPCX. Key research priorities this week: Cash flow performance in technology earnings; the relative discount and holding costs of the two SK Hynix contracts; and U.S. initial jobless claims and PMI data. Weekly market data cover the period through October 16, while research information was verified through October 18. Observation periods are specified separately for each chart.
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