Bitcoin Price Analysis: BTC Retreats to $108,000 Range
Bitcoin price faces downward pressure as the leading cryptocurrency retreats to the $108,000 level. The digital asset has declined by 4.54% over the last 24 hours, signaling a shift in market sentiment. The Crypto Fear & Greed Index has dropped 17 points to 34, marking a move from neutral to fear territory.
Bitcoin Price Drops Following Fed Rate Decision
The Federal Reserve’s October 29 decision lowered the benchmark rate to a 3.75%-4.00% range. This marks the second cut since September and reaches the lowest level since 2022. Bitcoin dipped 1.6% over the past 24 hours to trade at nearly $111,000 immediately after the announcement.
Fed Chair Jerome Powell’s cautious remarks dampened expectations for another rate cut in December. Powell described another cut as “not a foregone conclusion”. Markets had priced in a 97% probability of the October move. The result triggered a classic sell-the-news event that extended October’s correction.
BTC Technical Analysis Shows Bearish Signals
On the hourly chart, Bitcoin has broken the local support of $107,948. Technical indicators suggest sellers maintain control over the market. The rate of the main crypto is on its way to the support of $106,137.
If a level breakout happens, there is a high chance of seeing a test of the $100,000-$105,000 range by the end of the week. Market analysts note that buyers have failed to maintain growth momentum. The correction could continue to the $100,000 mark if buyers cannot seize the initiative.
Institutional Outflows Drive Bitcoin Price Weakness
US Bitcoin spot exchange-traded funds saw a sharp reversal on Wednesday, recording $470.7 million in outflows. Fidelity’s FBTC led the outflows with $164.36 million, followed by Ark & 21Shares with $143.8 million, and BlackRock’s IBIT with $88.08 million.
CoinGlass data shows $812 million in liquidations over the past 24 hours, up 46% from the previous day. Open interest dropped 1.28% to $161 billion. The average relative strength index across top assets fell to 38, now in weak territory.
Market Uncertainty Weighs on BTC Price Action
Traders weighed uncertainty after a meeting between President Trump and China’s Xi Jinping ended without a joint statement, reviving concerns of renewed trade frictions. Earlier tariff threats in October erased nearly $500 billion from crypto’s total market cap.
Ethereum, the second largest cryptocurrency by market capitalization, was down about 2% to a bit over $3,900. XRP recorded a 4.4% decline to $2.54, and Solana lost 3.9%, now priced at $190.92. The total crypto market capitalization declined across major assets.
Bitcoin Price Outlook and Support Levels
Analysts see room for both caution and opportunity in current market conditions. If December rate-cut odds fall below 50%, Bitcoin could revisit the $100,000-$104,000 support zone. Some experts view the drop as a healthy reset following leveraged washout.
The digital asset must hold critical support levels to avoid further downside. Resistance at $115,000 remains a key level for bulls to reclaim. Market participants await clearer signals from macroeconomic developments before taking aggressive positions.
Conclusion
Bitcoin price continues to face headwinds amid Fed policy uncertainty and institutional outflows. The cryptocurrency’s ability to hold above $106,000 will determine whether the correction extends or stabilizes. Traders should monitor key support levels and ETF flows for direction.
