Bitcoin traded lower on October 17, slipping below the $110,000 level to $108,420 at press time, down 2.4% over the past 24 hours. The cryptocurrency has declined 10% over the past week and 7% in the last month, now sitting 14% below its all-time high of $126,080.
Trading activity picked up amid the drop, with Bitcoin’s 24-hour trading volume rising 25% to $83.1 billion, indicating heightened activity as traders navigated key support zones.
Data from CoinGlass showed Bitcoin futures trading volume climbed 40% to $127.6 billion, while open interest remained largely steady at $72.8 billion, suggesting traders are actively adjusting positions rather than taking aggressive new bets.
Spot BTC ETF Activity
According to SoSoValue, U.S. spot Bitcoin ETFs saw $536.4 million in outflows on October 16, marking their second consecutive day of withdrawals. ARK Invest’s ARKB led the redemptions with $275 million, followed by Fidelity’s FBTC at $132 million. Grayscale’s GBTC, BlackRock’s IBIT, and Bitwise’s BITB also posted smaller losses.
These consecutive outflows indicate that, after Bitcoin’s recent rally, some institutional investors are reducing exposure or locking in profits. Rising ETF redemptions often contribute to short-term selling pressure, particularly when market sentiment is uncertain.
Bitcoin Price Technical Analysis
Bitcoin’s short-term technical outlook appears fragile. The Relative Strength Index (RSI) stands at 37, signaling neutral-to-weak momentum, while momentum indicators show a mild buy signal, suggesting that the downward pressure may be easing.
However, all major moving averages—from the 200-day SMA at $107,535 to the 10-day EMA at $112,885—remain in sell territory, reflecting a sustained bearish bias.
Bitcoin is currently hugging the lower Bollinger Bands, with rising volatility suggesting potential for further movement if key support breaks. The $108,000–$109,000 range has emerged as a critical level to watch.
In the near term, Bitcoin could rebound toward the $113,000–$115,000 zone if it maintains this level. A break below support, however, may push prices down toward $104,000, though it could also attract new buyer interest.
If selling pressure continues, some analysts, including Arthur Hayes, see a possible decline toward $100,000. Others remain optimistic, noting that steady demand from long-term holders and ETF inflows may help stabilize the price soon.
