Analysts on October 30 (UTC) pointed to long-term trend tests, fear of the crowd and an initial support zone, while Coindesk’s technical research analysis data model showed heavier trading and a tight range near support.
Analyst Comments
Daily altcoins taught typical of bull markets for Bitcoin to retest the 50-week moving average, placing the long-term guide around $103,000; A “retest” simply means the price dips back into a broadly observed trend to see if buyers step in again. Post to x
Holy said The dip toward $107,000 on October 30 has sparked a surge in social posts calling for a sub-$100,000 price. On its chart, Blue Bars track about $50,000-$100,000 puts and red bars track $150,000-$200,000 calls; The caption notes retail fear is at its highest since the October 10 Crypto Crash, and focuses on markets that often move against tight expectations.
Coindesk senior analyst Omkar Godbole write That $97,000 “seems to be the initial support.” His attached chart sketches a broad consolidation with a lower bound pointing to the $90,000 high, which is why he marked the $97,000 region as a place where the decline was previously stalled.
Technical Technical Assessments
- Performance and correlation: up to 0.98% to $ 107,247 over 24 hours with a 0.78 percentage point outperformance compared to the Coindesk Index (CD5) benchmark, which indicates that Bitcoin is widely followed in the market.
- Path and Range: Earlier weakness saw a decline from $ 111,909 to $ 107,804 (about 4.0%, $ 4,497 range). The sharp leg ran from $110,826 to an intraday low of $108,048.
- Heaviest Sell Burst: The biggest wave printed 31,143 Bitcoin traded (about 185% of the 24-hour average).
- Compression Zone: The price has already oscillated between $ 107,650 and $ 108,225, creating a tight band above $ 107,000.
- Wider band referenced: Technical analysis of our model mentions $110,000 to $117,800 as part of strategic repositioning rather than panic.
Patterns and positioning
- Compression near a floor: A narrow band around $107,000 to $108,000 often indicates the market is taking a breather as buyers and sellers reset.
- Distribution vs. accumulation: Activity above the trend alongside the long-term selling owner suggests supply is responding to demand with strength, which could cap rallies until absorbed.
- Overhead Pushback: Earlier rejection around $111,650 and $112,000 to $113,000 shows where sellers have been active.
Support vs. Resistance: The map
- Support: $107,400 to $108,000 as near shelf; The 200-day moving average near $109,000 is a reference level.
- Resistance: $111,650 first, then $113,600; Earlier pushback also appeared around $112,000 to $113,000.
Volume Read
- Overall: 60.5% above the seven-day average throughout the day.
- Heaviest Bar: 31,143 Bitcoin (about 185% of the 24-hour average) in a sharp seller’s wave, consistent with distribution pressure.
- Range of involvement: elevated but steadier copies during the compression band point in positioning instead of a fresh trend.
Targets and risk framing
- If resistance is reclaimed: a sustained move above $111,650 points to checkpoints around $115,800 to $117,500.
- If the floor breaks: a break below $107,400 risks extension towards the $102,000 to $104,000 demand zones highlighted as earlier areas of accumulation.
- Tactical Lens: With a tight range and mixed flow, many traders are waiting for a clean move to $107,000 to $108,000 or a decisive recovery above $111,650 before leaning harder either way.
Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
