The Bitcoin price edged up a fraction of a percent in the past 24 hours to trade at $107,717 as of 3:58 a.m. EST on trading volume that skyrocketed 82% to $107 billion.
This comes as spot BTC ETF (exchange-traded funds) inflows offered a glimmer of hope from the crypto’s recent downtrend with $477 million in net inflows on Oct. 21, ending a four-day streak of outflows.
BlackRock’s IBIT led with $210 million, followed by Ark Invest’s ARKB with $162 million. Fidelity’s FBTC and Bitwise’s BITB added $34.15 million and $20.08 million, respectively.
Despite this uptick, traders remain wary ahead of the US CPI report on Friday and the Federal Reserve’s Oct. 28-29 FOMC meeting.
Gold Price Plunges Amid Profit-Taking
As the Bitcoin price edged up, the gold price tumbled more than 6% to $4,102, putting it on track for its most significant single-day decline in more than five years as traders took profits after the metal’s all-time high of $4,381.21 on Monday.
BREAKING: Spot gold prices extend their decline to over -6% on the day, now on track for the biggest daily decline since April 2013. The long overdue gold pullback has finally arrived.
Trader Peter Brandt drew attention to the sheer scale of gold’s latest selloff, noting that the metal’s market capitalization plunged by an estimated $2.1 trillion in a single day.
“In terms of market cap, this decline in Gold today is equal to 55% of the value of every cryptocurrency in existence. @PeterSchiff ‘s pet rock lost $2.1 trillion in value today. That is 2,102 billion $ worth,” Brandt said.
'Insider' Whale Raises BTC Short Position To $227M
Despite that, a crypto whale dubbed the “Trump Insider” has doubled down on his bearish stance toward Bitcoin, raising his short position to 2,100 BTC worth about $227 million.
The move underscores the whale’s firm conviction in a near-term Bitcoin price drop, despite the broader market uncertainty.
🚨 INSIDER BITCOIN WHALE HAS OPENED A $235 MILLION $BTC SHORT POSITION. LIQUIDATION: $123,270
With BTC still under the $110,000 resistance level, will fortune favor the whale?
Bitcoin Price Risks Deeper Correction As Head-And-Shoulders Pattern Emerges
The BTC price is showing signs of weakness after failing to sustain momentum above the $120,000 region, with the formation of a potential head-and-shoulders pattern hinting at a possible trend reversal in the near term.
Currently trading near $107,717, the Bitcoin price is hovering just above a critical support area defined by the 200-day Simple Moving Average (SMA) at $108,002.
The price of BTC action has turned cautious as the asset struggles to regain its footing following a sharp rejection from the $125,000 peak, which now marks the “head” of the pattern.
On the daily timeframe, Bitcoin may be transitioning from a bullish phase to a period of consolidation or even early bearish momentum.
The 50-day SMA, currently positioned at $114,001, has started to slope downward, signaling weakening short-term momentum. This technical setup reinforces the possibility of increased selling pressure if buyers fail to reclaim the moving average.
Additionally, the Relative Strength Index (RSI) hovers near 39.9, indicating waning bullish momentum and suggesting that sellers have begun to gain the upper hand.
However, since the RSI is not yet in oversold territory, further downside movement remains possible before the market stabilizes.
BTC Price Outlook: Cautious Sentiment Below $114,000
From a structural standpoint, $114,000–$115,000 now represents a key resistance area aligned with both the 50-day SMA and the right shoulder of the pattern.
A breakout above this zone could invalidate the bearish setup, restore buyer confidence and open the path toward $120,000.
Conversely, if the right shoulder completes and the BTC price breaks below the $108,000 neckline, it would likely trigger a measured move toward $100,000, a historically significant support region where buyers previously stepped in.