Bitcoin hovered around $102,000 on Thursday, as traders struggled to push the price beyond the $105,000 resistance level amid rising sell pressure.
Selling Pressure Builds Around $105,000
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s rebound losing steam following the daily open.
Analyst Skew noted that Bitcoin’s price appeared capped by a cluster of sell orders just above $105,000, adding that this was “not surprising.”
He warned that the increase in sell-side liquidity could be a deliberate attempt to suppress prices during Asian trading hours.
Trading analytics platform Material Indicators highlighted that the significant ask liquidity had not yet caused a price correction, suggesting the seller could be trying to drive Bitcoin down toward the $98,000 to $93,000 range.
“If price hits $105k, I’d expect part if not all of those asks to get pulled,” the group said, noting that Bitcoin’s bounce from its 50-week simple moving average still carries “macro bullish implications.”
Traders Eye Potential Dip
Market commentator Exitpump described the $105,000 sell wall as “insane,” while other analysts suggested the liquidity might not be genuine.
Meanwhile, veteran investor Kyle Chasse cautioned that another short-term price drop could occur, pointing to a buildup of bid liquidity below current levels.
“Confidence could get wiped in a heartbeat,” he said, referencing CoinGlass data showing clusters of liquidations awaiting lower price zones.
External Market Factors at Play
Bitcoin’s latest movements also coincided with cooling momentum in U.S. equities, which have been retreating from all-time highs.
Speculation around the Supreme Court possibly overturning international trade tariffs added uncertainty to broader markets.
Analysts believe that if the Court strikes down the tariffs, it could trigger a rally in equities — but potentially divert short-term liquidity away from Bitcoin.
As of Thursday afternoon, Bitcoin remained volatile, trading narrowly between $101,500 and $103,500, with traders keeping a close watch on the critical $105,000 resistance zone.
Spot Bitcoin and Ether exchange-traded funds (ETFs) extended their losing streak on Tuesday, posting their fifth straight day of outflows amid broader market uncertainty.
Data from Farside Investors showed that spot Bitcoin ETFs recorded $578 million in net outflows — the steepest daily withdrawal since mid-October.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC led the exodus, signaling a pause in institutional accumulation.
Ether ETFs saw similar pressure, with $219 million in redemptions. Fidelity’s FETH and BlackRock’s ETHA were hit hardest, pushing total Ether ETF outflows close to $1 billion since late October.
Solana Defies Trend With Six Days of Inflows
While Bitcoin and Ether funds struggled, Solana-based ETFs continued to attract capital.
Spot Solana ETFs logged $14.83 million in net inflows on Tuesday — their sixth consecutive day of gains.
Bitwise’s BSOL and Grayscale’s GSOL led the charge, suggesting that investors are rotating toward newer, yield-generating assets despite the risk-off environment.
Institutions Reduce Exposure Amid Macro Uncertainty
Vincent Liu, chief investment officer at Kronos Research, told Cointelegraph the outflows are more about macroeconomic stress than fading belief in crypto.
“Straight days of redemptions show institutions are trimming risk as leverage unwinds and macro jitters rise,” Liu said. “Until liquidity conditions stabilize, capital rotation will keep the ETF bleed alive.”
He added that a stronger U.S. dollar and tightening liquidity have triggered broad risk aversion.
Solana’s Story Gains Momentum
Liu noted that Solana’s continued inflows represent a mix of curiosity and opportunity.
“Solana’s strength is partly fresh flow meets fresh story, a new ETF with yield appeal pulling in curious capital,” he explained. “Its speed, staking, and story keep momentum tilted upward.”
However, Liu warned that Solana’s growth remains niche. “It’s a narrative-driven move by early adopters chasing yield and growth. The broader market is still in risk-off mode,” he cautioned.
Cathie Wood’s ARK Invest has expanded its investment in Bullish, the digital asset exchange that recently made its public debut on the New York Stock Exchange under the ticker BLSH.
According to trade disclosures filed Friday, ARK Innovation ETF (ARKK) purchased 72,537 Bullish shares, ARK Next Generation Internet ETF (ARKW) acquired 21,354 shares, and ARK Fintech Innovation ETF (ARKF) bought an additional 11,122 shares.
The combined purchases amount to over $5 million in new exposure to Bullish, further strengthening ARK’s position in the exchange. This move follows an earlier $8.27 million investment made in mid-October across ARK’s funds.
Since Bullish’s $1.1 billion listing, ARK has accumulated roughly $172 million worth of shares across multiple ETFs, underscoring its growing confidence in the platform’s long-term potential.
Bullish Shares Rebound After Market Volatility
Bullish stock closed at $50.57 on Friday, marking a 1.24% increase and a recovery from recent market turbulence.
The exchange, founded by Block.one and led by CEO Tom Farley, has quickly become one of the most watched digital asset platforms following its NYSE debut.
Farley, the former president of the New York Stock Exchange, has been steering Bullish’s expansion strategy to position it as a leader in regulated crypto trading.
Celebrating the U.S. Expansion
The timing of ARK’s latest purchase coincides with Bullish’s U.S. launch celebration in New York, where the firm hosted an event featuring leading figures in the digital asset industry.
“The energy in the room said it all — the future is Bullish,” the company posted on X following the event.
Earlier in October, Bullish officially began operations in 20 U.S. states after securing both a BitLicense and a money transmission license from New York regulators.
Its first U.S. clients include BitGo and Nonco, which began spot trading on the platform as part of Bullish’s initial market rollout.
Global Growth and Trading Volume
Since its international launch in 2021, Bullish has processed more than $1.5 trillion in trading volume and now ranks among the top 10 exchanges globally for Bitcoin and Ether transactions.
The exchange’s rapid growth and its regulatory approval in the U.S. suggest that it could become a major player in bridging traditional finance with the digital asset ecosystem.
Bitcoin’s price slipped to $109,200 on Wednesday, falling more than 6% from its Monday peak of $116,400, as traders awaited the Federal Reserve’s widely anticipated 25 basis point interest rate cut.
The drop surprised some analysts, given that most expected the rate decision to be priced into markets.
Despite the modest policy shift, risk appetite weakened as investors grew cautious about the Fed’s future trajectory and broader economic conditions.
Fed Signals End of Balance Sheet Reduction
The Fed’s statement confirmed that quantitative tightening would end on December 1, marking a significant policy shift after months of balance sheet contraction.
This change, often viewed as supportive for markets, did little to immediately lift crypto sentiment.
The central bank’s updated “dot plot” now points to three interest rate cuts in 2025, with Goldman Sachs analysts forecasting two more 25 basis point cuts by March and June 2026.
If realized, the Fed’s benchmark rate would settle between 3% and 3.25%, suggesting a gradual easing cycle ahead.
Analysts Expect Short-Term Volatility
According to Hyblock, a crypto analytics platform, Bitcoin’s post-FOMC reactions often follow a familiar pattern: short-term declines followed by recovery.
“Recent history has shown that the FOMC leads to a price drop in BTC, followed by a move up,” the firm noted.
“If price does dip post-FOMC and signs of bullish confluence emerge, such as bid-heavy orderbooks, it would likely present good opportunities for investors.”
Despite that, sentiment remains cautious.
Traders are looking beyond the rate cuts to evaluate the broader economic landscape—especially the impact of U.S. layoffs, ongoing trade tensions under President Trump’s renewed tariff push, and questions surrounding the sustainability of the artificial intelligence boom.
Broader Economic Concerns Cloud Bitcoin Outlook
While Wednesday’s rate cut was fully expected, the market is now focused on Powell’s upcoming remarks at the FOMC press conference.
Investors hope for clarity on how the Fed plans to navigate slowing growth, lingering inflation risks, and market liquidity conditions heading into 2026.
For now, Bitcoin’s reaction underscores continued sensitivity to macroeconomic developments, particularly as the Fed transitions from tightening to a more accommodative stance.
Western Union has confirmed plans to launch a blockchain-based stablecoin settlement system using the Solana network.
Announced during the company’s third-quarter earnings call, the initiative will include the creation of a US Dollar Payment Token (USDPT) and a new infrastructure called the Digital Asset Network.
Both will be developed in collaboration with Anchorage Digital Bank.
Stablecoin Launch Expected in 2026
According to the company, USDPT will go live in the first half of 2026.
Customers will be able to access the stablecoin through partner exchanges, similar to how PayPal’s PYUSD is listed on Binance and other platforms.
Western Union said the Digital Asset Network will also operate as a global off-ramp for its 150 million customers across 200 countries and territories.
Speaking at the Money 20/20 USA conference in Las Vegas, CEO Devin McGranahan explained why Solana was chosen for the project.
He said his team had evaluated numerous alternatives before concluding that Solana was the “right choice” to build an institutional-grade platform.
Traditional Finance Moves Deeper into Crypto
Western Union joins a growing number of traditional payment firms exploring blockchain for remittances.
Supporters argue that blockchain technology allows faster, cheaper, and more transparent cross-border transactions compared to conventional payment systems.
In recent months, other financial giants have made similar announcements.
Zelle’s parent company revealed plans to introduce stablecoins for international payments, while MoneyGram rolled out a USDC wallet for customers in Colombia through its crypto app.
Regulatory Clarity Accelerates Adoption
The stablecoin industry’s momentum in the US has been fueled by clearer regulations following the passage of the GENIUS Act, signed into law by President Donald Trump in July.
McGranahan said the company had previously avoided entering the crypto market due to concerns over volatility and regulatory uncertainty but that the new legislation has opened the door for participation.
According to the US Treasury Department, the stablecoin market was valued at $311.5 billion in April and could reach $2 trillion by 2028.
Western Union’s move comes roughly three months after it first hinted at stablecoin integration earlier this year, marking a major shift in the remittance leader’s digital strategy.
Former Binance CEO Changpeng “CZ” Zhao’s pardon by U.S. President Donald Trump followed a high-stakes lobbying campaign involving millions of dollars and key political connections in Washington.
Zhao, who served a four-month sentence last year for violating U.S. anti-money laundering laws, was the focus of a Politico report detailing Binance’s behind-the-scenes effort to secure his freedom.
Binance Mobilized Lobbying Network
According to the report, Binance hired Ches McDowell — a close associate of Donald Trump Jr. — and his North Carolina-based firm, Checkmate Government Relations, to lobby the White House and Treasury Department for “executive relief.”
The firm received $450,000 for one month of work and earned over $7.1 million in just three months.
In February, Binance and Zhao also retained crypto lawyer Teresa Goody Guillén, once considered for the SEC chair role under Trump. Her firm earned $290,000 from Binance this year alone.
Political Fallout and Criticism
The pardon drew strong criticism from Democratic lawmakers, with Representative Maxine Waters calling it a “massive favor for crypto criminals.”
Trump defended his decision, claiming Zhao was “persecuted by the Biden administration” and that “what he did is not even a crime.”
Waters dismissed that defense, saying the pardon followed months of lobbying and “funneling billions into Trump’s personal crypto company, World Liberty Financial.”
Despite the backlash, the move underscores Trump’s increasingly open stance toward the crypto sector as his administration embraces industry ties.
Bitcoin slipped back to its lowest levels of the week on Tuesday, as traders closely watched an open gap in the Chicago Mercantile Exchange (CME) Bitcoin futures market.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin dropping to $107,460 on Bitstamp, marking a 2.5% decline for the day.
The move halted Bitcoin’s early-week rebound but stopped just short of completely filling the latest CME futures gap.
Understanding the CME Futures Gap
CME Bitcoin futures often create “gaps” when trading closes on Fridays and reopens on Mondays at different price points, typically due to weekend volatility in the spot market.
These gaps tend to fill relatively quickly as prices move back into the missing range between the prior close and the new open.
“$BTC opened with a small CME gap below this week. Price did come down to close some of it, but there’s still a bit left. So good to keep that in mind if price were to trade close to it,” trader Daan Crypto Trades said on X.
He added that Bitcoin had already filled a larger gap at $110,000 last week — one that had persisted since late September before Bitcoin rallied to record highs.
Market Eyes $107,000 as Key Level
For now, the remaining unfilled portion of the current CME gap sits near $107,390.
Last week’s market turbulence saw Bitcoin futures drop as low as $103,750, increasing concerns that further downside could occur if momentum fails to return.
“The bulls would want to hold $107K going forward,” Daan Crypto Trades said.
“If this were to start grinding back down, and get close to last Friday’s wick, then that’d just show a lot of weakness to me.”
Traders Warn of Potential Dip Below $100,000
Some traders believe the $100,000 support zone could soon be tested again.
Analyst Roman pointed out that Bitcoin’s recent rebound lacked sufficient trading volume to confirm a sustainable recovery.
“Didn’t trust the low volume ‘breakout’ as volume never validated a true reclaim of support. 100-98k here we come!” Roman posted.
Similarly, investor and trader Crypto Tony shared a bearish short-term outlook, noting, “Overall I expect $100,000 to hit with a possible smack lower to $95,000.”
Crypto investor Ted Pillows echoed that view, suggesting that if Bitcoin fails to find a new floor, the correction could deepen toward those lower ranges.
While Bitcoin remains above the critical $100,000 threshold for now, traders appear increasingly cautious as the market looks to determine whether recent highs were a temporary surge or the start of renewed volatility.
Bitcoin held around $107,000 on Saturday, as traders signaled caution and warned of possible new lows in the near term.
Data from Cointelegraph Markets Pro and TradingView indicated subdued volatility heading into the weekend, providing a short break after a turbulent week that saw BTC drop roughly 7%.
At its lowest levels in months, the cryptocurrency remains under pressure due to weak buyer demand and shifting macroeconomic conditions.
“It all lines up nicely across the board for another wave down,” trader Crypto Tony said in an X post.
“Bitcoin I see us dropping to $95,000, possibly testing the $91,000 region before we find a bottom.”
Short-Term Sentiment Divided
While some traders anticipate further declines, others expect price stability over the weekend.
“BTC did a good job recovering some ground on Friday before the CME close,” said trader Daan Crypto Trades.
“This makes it so we’re likely to stick around this ~$107K level during the weekend.”
He identified $105,000 as a crucial support level, suggesting a potential rebound if global stock markets continue to strengthen.
Equities ended the week on a more optimistic note, with the S&P 500 closing at 6,664 — recovering roughly half of its previous losses.
Analysts attributed the rebound partly to U.S. President Donald Trump’s comments that recent tariff increases on China may not last, easing investor concerns.
Gold prices, which recently reached record highs, also moderated slightly.
RSI Suggests a Potential Reversal
Some technical indicators point to possible relief for Bitcoin bulls.
Analysts have noted that Bitcoin’s relative strength index (RSI) is at its lowest level since April, when BTC briefly fell to $75,000 before rebounding.
On the four-hour chart, RSI is forming a bullish divergence — with price reaching lower lows while RSI moves higher, suggesting selling pressure is beginning to ease below $110,000.
However, market sentiment remains cautious.
The Crypto Fear & Greed Index fell to 22 out of 100 on Friday, its first time entering “extreme fear” territory since April, indicating heightened bearishness across the market.
Bitcoin may face challenges sustaining its upward momentum unless fresh catalysts reignite investor interest, according to Glassnode.
“Without a renewed catalyst to lift prices back above $117.1k, the market risks deeper contraction toward the lower boundary of this range,” the report said.
Bitcoin is trading around $110,840, approximately 5% below the $117,000 level, according to CoinMarketCap.
Over the past 30 days, Bitcoin has declined 4.19%.
Glassnode noted that historically, failure to hold the $117,000 zone has often led to mid- to long-term market corrections.
The report also highlighted increased profit-taking among long-term holders, suggesting potential “demand exhaustion.”
Shubh Varma, CEO of Hyblock Capital, told Cointelegraph he expects a “relatively volatile month” for Bitcoin, with potential upside between $116,000 and $120,000.
Varma added that “consolidation is the likely outcome” following a recent market crash but noted positive momentum indicators remain.
“ETFs inflows remain quite high, and spot volume seems healthy,” he said.
Before the recent crypto market drop, U.S.-based spot Bitcoin ETFs had a nine-day inflow streak totaling $5.96 billion.
Another potential bullish factor is expected rate cuts from the U.S. Federal Reserve, which often support riskier assets like cryptocurrencies.
The CME FedWatch Tool indicates a 95.7% probability of a rate cut at the Fed’s October 29 meeting.
Matt Mena, a crypto research strategist at 21Shares, said the outlook for the rest of the year is “increasingly constructive for digital assets.”
Mena suggested Bitcoin could reach $150,000 as macroeconomic factors and institutional flows align.
Other analysts, including BitMEX co-founder Arthur Hayes and Unchained Market Research director Joe Burnett, have forecasted Bitcoin could reach $250,000 by year-end 2025.
BitMine, the world’s largest corporate holder of Ether, leveraged last weekend’s market downturn to significantly expand its holdings, demonstrating continued institutional confidence in Ethereum.
The company said it purchased Ether more aggressively during the recent market volatility, bringing its total holdings to over 3 million ETH, representing roughly 2.5% of the cryptocurrency’s total supply.
BitMine’s average purchase price for the recent acquisitions was $4,154 per token.
Between Friday and Monday, the firm acquired 202,037 ETH, valued at approximately $827 million, according to a statement on X.
This increase pushed BitMine’s overall crypto portfolio to $13.4 billion, which includes $12.9 billion in cryptocurrency and “moonshot” investments, 192 Bitcoin, $104 million in cash, and a $135 million stake in Nasdaq-listed Eightco Holdings.
The purchases came amid a sharp market correction on Friday, which triggered around $19 billion in liquidations over the weekend.
Tom Lee, chairman of BitMine and head of research at Fundstrat, said the market downturn created an opportunity to buy Ethereum at discounted prices.
“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,” Lee said.
He added that the company is now “more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”
Lee also highlighted the broader investment logic, stating, “Volatility creates deleveraging, and this can cause assets to trade at substantial discounts to fundamentals, or as we say, ‘substantial discount to the future,’ and this creates advantages for investors, at the expense of traders.”
BitMine’s approach may influence other institutional investors to adopt similar long-term accumulation strategies.
Interest in the company extends beyond crypto investors, as its stock, BMNR, was recently the 22nd most widely traded on U.S. markets, averaging over $3.5 billion in five-day trading volume as of Friday.
Despite this, BMNR’s stock price fell 11% over the past five days, following a short position by Kerrisdale Capital, which criticized BitMine’s business model as “on its way to extinction.”
The company’s dual focus on cryptocurrency and traditional equities reflects a broader trend of institutional participation in digital assets.