Bitcoin News Today: Sell-Offs Trigger Short-Term Bearish Trend, Crash Continues
Key Points
- Bitcoin continues its bearish trend, breaking the support level of $110K.
- Gold’s exponential growth deters traditional investors from stepping into Bitcoin.
- Weak technicals and geopolitical tensions also contribute to the downtrend.
- Despite the short-term downtrend, analysts remain optimistic about long-term bullishness.
Bitcoin has broken down the psychological support level of $110K, losing more than 2.5% of value today and 10% this week. It has deviated from the parallel movement to the Gold, which achieved its all-time high market cap of $30 trillion.
Crypto market experts are divided about Bitcoin’s next move, making retail investors skeptical about its Uptober rally. At present, BTC is trading for $107K, with a market capitalization of $2.15 trillion.
Why is Bitcoin Down Today? Top Reasons
The downtrend of Bitcoin is mainly driven by profit-taking momentum, whale liquidation, geopolitical issues, and weak technicals. Let’s take a closer look.
- Gold’s travel into record market capitalization of $30 trillion has deterred traditional investors from entering the Bitcoin market.
- 140 BTC long position was closed by a whale, continuing the profit-taking momentum and also igniting panic in the market.
- The U.S. Shutdown has entered its third week, and tariff-driven tensions between the U.S. and China are on the rise, significantly affecting the entire market.
- Bitcoin broke its technical support of $110,500 and psychological support of $110K.
Market Experts Split on Bitcoin’s Next Move
Crypto market forecasters are deeply divided about Bitcoin’s next movements, sparking public debates on social media, particularly on X (formerly Twitter). Peter Schiff, the renowned financial commentator and American stockbroker, has criticized Bitcoin maximalists framing Bitcoin as a superior asset to Gold, and stated that Gold is more likely to hit $1 million than Bitcoin. “Gold is eating Bitcoin’s lunch. Bitcoin is now down 32% priced in gold since its August high. This Bitcoin bear market will be brutal. HODLers, sell your fool’s gold now and buy the real thing, or have fun going broke,” he tweeted.
Gold is eating Bitcoin's lunch. Bitcoin is now down 32% priced in gold since its August high. This Bitcoin bear market will be brutal. HODLers, sell your fool's gold now and buy the real thing, or have fun going broke.
— Peter Schiff (@PeterSchiff) October 16, 2025
Binance’s Changpeng “CZ” Zhao replied to Peter Schiff sarcastically by saying that he could have listened to Schiff two months ago, out of the 16 years in Bitcoin’s existence. “I am sure bitcoin fluctuated negatively against gold more than that, except BTC went from $0.004 to $110,000 USD in 16 years,” he added.
Peter revenge. 👏
— CZ 🔶 BNB (@cz_binance) October 16, 2025
We should have listened to him, two months ago, out of the 16 years in bitcoin's existence. About 1% of the time.
I am sure bitcoin fluctuated negatively against gold more than that, except BTC went from $0.004 to $110,000 USD in 16 years. https://t.co/c7IiygbOer
Apart from the Gold vs Bitcoin debate, market observers are divided about the ETF momentum of Bitcoin, with various analysts calling it a bubble while others expect the ETF rally to continue. The ETF data suggest bullish momentum, following yesterday’s combined net inflow of $340 million for BTC and ETH, which marks a change in market sentiment from Monday’s $755 million outflow.
Bitcoin Market Scenario Today: Bearish & Extreme Fear
- Fear & Greed Index: 22 (Extreme Fear)
- Market Sentiment: Bearish
- Supply Inflation: 0.87% (Low)
- Dominance: 58.80%
- Volatility: 3.96% (Medium)
Bitcoin’s Fear & Greed Index is at extreme fear, making it a highly risky investment at the moment. The overall bearish market sentiment and the medium volatility will detach both retail investors and whales from the asset today. The Fibonacci support levels are 109,014 (S1), 106,490 (S2), and 102,403 (S3), and the resistance levels are 117,188 (R1), 119,712 (R2), and 123,799 (R3).
Where is Bitcoin Headed To? BTC Price Analysis
Despite the short-term negative trends and criticisms from various market observers, Bitcoin will likely continue its bullish trend in the long run. The optimism is supported by the positive ETF momentum and the anticipated Uptober rally. However, Bitcoin will continue its bearishness today and tomorrow, due to the weak technicals, geopolitical tensions, U.S. shutdown, and other macroeconomic issues.
If you plan to trade today, try to do maximum research on the Bitcoin market by delving into the latest news surrounding it, opinions from experts, and historical data. Always do your own research before finalizing your entry or exit.
Crypto & Blockchain Expert