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BTC slipped hard toward $119,700 early, dragging sentiment across the board, while ETH reneged on its weekly gains and slid 3%. BTC then rallied up to $122,500, hitting the lower trend line on the 30‑minute chart. That zone proved sticky as resistance and reversed any breakout hopes fast. SOL tried to rally too, up 4% this morning, but eventually capitulated with the rest of the market.
Pulling back to the daily frame, downside remains on the table. The 20‑day MA 117,500 and 50‑day MA 115,000 now loom as plausible targets if the sellers take over. That said, traders in BTC are still holding onto optimism, recent profit taking has clipped its run, but conviction hasn’t fully broken.
The real litmus test coming is ETF flows, are we seeing durable spot demand? The market is currently undergoing a leverage reset, with volatility clearing out excess positions on both sides. Open interest in global BTC futures remains elevated, just under the all‑time high 755,000 BTC. Vols across 14, 30, 90‑day expiries have jumped to 30‑day highs, signaling that the market is bracing for a big move ahead.
Privacy plays are flickering back to life. ZEC is up 80% on the week, and Monero, DASH, even smaller names like Railgun have logged 24h moves in the 30–40% range. The rotation into the privacy sector is interesting capital is hunting fresh narratives just as the majors are catching their breath.
On the macro side, the Fed’s October 29 meeting is looming large and has markets in a cautious posture. The U.S. government shutdown just hit its 10th day after the Senate failed yet again to pass funding. The dearth of fresh U.S. economic data is narrowing catalysts, leaving investors to lean heavily on earnings. And with earnings season kicking off next week, that may be our next directional shove.
Crypto Charts
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