Analysts on October 30 (UTC) pointed to long-term trend tests, crowd fears, and a first support zone, while CoinDesk Research’s technical analysis data model showed heavier trading and a tight range near support.
Analyst Comments
Altcoin Daily noted that it is common in bull markets for bitcoin to retest the 50-week moving average, placing that long-term guidance around $103,000; A “retest” simply means that the price moves back down to a widely watched trend line to see if buyers step in again.
Santiment said the drop toward $107,000 on Oct. 30 led to an increase in social media posts calling for prices below $100,000. On your chart, blue bars indicate results between $50,000 and $100,000, and red bars track calls between $150,000 and $200,000; The headline notes that retail fear is at its highest level since the cryptocurrency crash on October 10 and argues that markets often move against crowded expectations.
CoinDesk senior analyst Omkar Godbole wrote that $97,000 “seems to be the first support.” His chart outlines a broad consolidation with a lower bound targeting highs of $90,000, which is why he points to that $97,000 region as a place where declines have previously stalled.
Technical Analysis Highlights
- Performance and Correlation: Up 0.98% to $107,247 in 24 hours, just 0.78 percentage points higher than the benchmark CoinDesk Index (CD5), indicating that Bitcoin broadly followed the market.
- Trajectory and Range: Previous weakness saw a decline from $111,909 to $107,804 (about 4.0%, range $4,497). The most intense stretch was from $110,826 to an intraday low of $108,048.
- Strongest selling explosion: The largest wave printed 31,143 bitcoins traded (about 185% of the 24-hour average).
- Compression Zone: The price ranged between $107,650 and $108,225, creating a narrow band just above $107,000.
- Reference to a broader band: Our model’s technical analysis cites between $110,000 and $117,800 as part of strategic repositioning rather than panic.
Patterns and positioning
- Compression near a bottom: A narrow band around $107,000 to $108,000 often indicates the market is catching its breath as buyers and sellers reset.
- Distribution vs. Accumulation: Above-trend activity coupled with selling by long-term holders suggests supply has been meeting demand strongly, which may limit rallies until absorbed.
- Overall Rejection: Previous rejections around $111,650 and $112,000 to $113,000 show where sellers have been active.
Support versus resistance: the map
- Support: between $107,400 and $108,000 as a short-term platform; the 200-day moving average near $109,000 is a reference level.
- Resistance: $111,650 first, then $113,600; The previous pullback also appeared between $112,000 and $113,000.
Volume read
- Overall: 60.5% above the seven-day average throughout the day.
- Heaviest bar: 31,143 bitcoins (about 185% of the 24-hour average) on the strong sell-off, consistent with distribution pressure.
- Range Share: Elevated but more stable prints during the compression band point to positioning rather than a new trend.
Objectives and risk framework
- If resistance recovers: A sustained move above $111,650 points to control points around $115,800 to $117,500.
- If the bottom is broken: A break below $107,400 risks extending into demand zones of $102,000 to $104,000 highlighted as areas of prior accumulation.
- Tactical Lens: With a tight range and mixed flows, many traders are waiting for a clean move from $107,000 to $108,000 or a decisive recovery above $111,650 before tilting further in either direction.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
