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 pointed out that it is common in bull markets for bitcoin to retest the 50-week moving average, placing the long-term guide around $103,000; a “retest” simply means that the price falls back to a highly watched trend line to see if buyers step in again.
Santiment said the drop toward $107,000 on Oct. 30 triggered a surge in social posts calling for prices below $100,000. In the chart, blue bars point to roughly $50,000–$100,000 results, and red bars track $150,000–$200,000 calls; the caption notes retail fears at their highest since the Oct. 10 crypto crash and argues that markets often move against crowded expectations.
CoinDesk Senior Analyst Omkar Godbole wrote that $97,000 “appears to be the first support.” His chart outlines a broad consolidation with a lower bound pointing to the high $90,000s, which is why he marks this $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, outperforming the CoinDesk Index (CD5) benchmark by just 0.78 percentage points, indicating that bitcoin broadly trailed the market.
- Path and Range: Previous weakness saw a decline from $111,909 to $107,804 (about 4.0%, $4,497 range). The sharpest leg ran from $110,826 to an intraday low of $108,048.
- Biggest selling burst: The biggest wave printed 31,143 traded bitcoin (about 185% of the 24-hour average).
- Compression Zone: The price fluctuated between $107,650 and $108,225, creating a tight band just above $107,000.
- Wider band referenced: our model’s technical analysis cites $110,000 to $117,800 as part of strategic repositioning rather than panic.
Patterns and positioning
- Compression near a floor: A narrow band around $107,000 to $108,000 often signals that the market is taking a breather as buyers and sellers reset.
- Distribution vs. Accumulation: Above-trend activity alongside long-term holder selling suggests that supply has met demand for strength, which may limit rallies until they are absorbed.
- Overhead pushback: Previous rejections around $111,650 and $112,000 to $113,000 show where sellers have been active.
Support vs resistance: the map
- Support: $107,400 to $108,000 as a near-term shelf; The 200-day moving average near $109,000 is a reference level.
- Resistance: $111,650 first, then $113,600; earlier pushback also appeared around $112,000 to $113,000.
Volume read
- Overall: 60.5% above the seven-day average during the day.
- The heaviest bar: 31,143 bitcoin (about 185% of the 24-hour average) on the sharp selling wave, in line with the distribution pressure.
- Range participation: Elevated but more stable prints below the compression band point to positioning rather than a new trend.
Objectives and risk framing
- If resistance recovers: A sustained move above $111,650 points to checkpoints around $115,800 to $117,500.
- If floor breaks: A break below $107,400 risks extension towards $102,000 to $104,000 demand zones highlighted as previous accumulation areas.
- Tactical lens: With a narrow range and mixed flows, many traders are waiting for a clean move from $107,000 to $108,000 or a decisive retracement above $111,650 before leaning harder either way.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
