TLDR
- Bitcoin price up 13% since Oct. 10 but stalled at strong $116K resistance
- Short liquidations top $49M as bulls fail to clear $116K price ceiling
- Fed rate cut and US-China trade talks could shift Bitcoin price trend
- Spot ETF inflows reach $477M after BTC fell below $108K on Oct. 21
Bitcoin is trading within a narrow price range, with strong resistance at $116,000 and support at $110,000. The cryptocurrency has gained 13% since a sharp sell-off earlier this month but remains trapped between key technical levels. Analysts believe the current price movement may persist until two major events—the U.S. Federal Reserve’s interest rate decision and talks between the U.S. and China—are finalized.
Price Movement Stalls Below $116,000 Resistance
Bitcoin (BTC) has shown recovery after a steep sell-off on October 10, rising 13% to trade near $113,000. However, the price remains under strong resistance near $116,000, where sellers continue to defend the level.
Data from Binance and Coinbase spot exchanges show large sell orders near $116,000. Futures markets are seeing similar pressure, with sell orders placed between $117,000 and $118,000. This has created a ceiling that bulls have struggled to break in recent sessions.
Source: TRDR.io
Short liquidations in the last 12 hours have exceeded $49 million, according to data from TRDR. This shows attempts to push the price higher are being met with aggressive selling from traders taking profits or reducing risk.
Futures and Spot Traders Are Moving in Different Directions
Market data from Hyblock and CoinGlass reveal that professional traders are selling into rallies while retail investors are buying the dips. This divide in strategy is leading to continued liquidations in the futures markets, especially when the price falls below key short-term support.
Retail traders are entering long positions near $112,000 to $113,000, but many are being forced out as the market dips. The current liquidation heatmap shows clusters of long positions being wiped out in that price zone.
Source: CoinGlass
Meanwhile, the total open interest across all crypto exchanges has recovered to $31.48 billion from $28.11 billion. This shows that traders are returning to the market, although open interest is still below the peak of $40.39 billion seen when BTC traded at $124,600.
Key Macro Events Are Driving Trader Caution
Investors are closely watching two upcoming events this week: the U.S. Federal Reserve’s FOMC meeting on Wednesday and a meeting between U.S. President Donald Trump and China’s President Xi Jinping.
The Fed is expected to cut interest rates by 25 basis points, a move that many traders view as potentially positive for risk assets like Bitcoin. However, market participants are reducing exposure ahead of the announcement, which is common during such events.
The second event is the upcoming U.S.-China trade talks, which are scheduled for later this week. The outcome could affect global markets. A positive result may support equities and crypto, while a breakdown in talks could lead to a pullback.
ETF Inflows and Order Book Signals Mixed Sentiment
Spot Bitcoin ETFs have recorded net inflows of $260 million over the past three sessions, with a single-day inflow of $477 million on October 21. These inflows followed BTC’s drop below $108,000 and suggest that some institutional buyers see value at lower levels.
However, order book data shows an ask-heavy market, meaning more traders are looking to sell than buy at current levels. Binance perpetual futures data shows a rise in short positions, suggesting that many expect prices to fall or remain below resistance.
Source: SoSoValue
Until both the FOMC decision and the U.S.-China trade summit conclude, Bitcoin is likely to remain within its current range. Traders appear to be managing their risk and waiting for clarity before making larger moves.
