Bitcoin remains under intense selling pressure after failing to sustain key support levels near $106,000. The world’s largest cryptocurrency continues to trend lower as institutional movements intensify, with reports indicating that BlackRock sold about 9,000 BTC valued at roughly $1 billion earlier today. This significant sell-off has added to the bearish momentum that started after Bitcoin’s rejection from its $126,000 peak earlier this month.
Bitcoin remains under intense selling pressure after failing to sustain key support levels near $106,000. The world’s largest cryptocurrency continues to trend lower as institutional movements intensify, with reports indicating that BlackRock sold about 9,000 BTC valued at roughly $1 billion earlier today. This significant sell-off has added to the bearish momentum that started after Bitcoin’s rejection from its $126,000 peak earlier this month.
Bitcoin’s 4-hour chart shows a consistent formation of lower highs and lower lows, signaling a clear downtrend. The asset currently trades below all major exponential moving averages (20, 50, 100, and 200), confirming both short and mid-term bearish sentiment.
Immediate resistance lies between $110,000 and $113,000, where the 20 EMA and 0.236 Fibonacci level align. Failure to reclaim this zone could push prices toward $102,000.
Moreover, the 0.382 to 0.5 Fibonacci range, between $113,000 and $116,000, is densely packed with resistance from higher EMAs. A close above $118,000 the 0.618 Fib would be required to indicate any sustained reversal. Meanwhile, $105,927 remains the critical short-term support. A decisive break below it could accelerate losses toward $100,000.
Despite the correction, market participation in Bitcoin futures remains strong. Open interest has climbed steadily throughout 2025, rising from under $20 billion in January to above $70 billion by mid-October.
As of October 17, total open interest stood at $73.19 billion, reflecting heightened speculative activity. This level of leverage often signals confidence among traders but also increases liquidation risks if prices decline sharply.
Data from exchange inflow and outflow charts show that Bitcoin outflows have dominated since February. Large withdrawals in April, June, and early October suggest that many investors prefer self-custody over exchange storage. On October 17, $209 million in outflows were recorded as prices hovered near $105,864. This pattern points toward long-term accumulation despite short-term price weakness.
Key levels remain clearly defined heading into late October:
The technical setup suggests Bitcoin is compressing within a declining channel, signaling volatility buildup before the next decisive move.
Bitcoin’s price prediction for October depends on whether bulls can defend the $105,900–$103,000 demand zone long enough to reclaim short-term EMAs. A strong close above $111,000–$113,000 could validate a short-term recovery, targeting $118,500 next.
However, persistent rejection at the 20–50 EMA cluster would confirm the continuation of the bearish structure. Elevated open interest and institutional selling, including BlackRock’s $1 billion liquidation, point toward heightened volatility ahead. For now, Bitcoin remains at a critical juncture holding key support could spark a rebound, but failure would expose the next downside phase toward $100,000.
