After a strong start to October, optimism in the cryptocurrency market has begun to fade, with markets falling for the seventh consecutive day on Thursday, October 23.Bitcoinand Ethereum slipped again over the past 24 hours amid macro uncertainty and bearish derivatives activity.

Traders trimmed risk ahead of Friday’s U.S. inflation data, while a major Bitcoin holder deposited $588 million to exchanges and increased short positions, signaling cautious sentiment in the crypto market, CoinMarketCap said.

As of Thursday morning, October 23, 2025, Bitcoin was trading around $108,544, down about 0.2% over the past hour and roughly 3% lower for the week, according to data from CoinMarketCap. Ethereum hovered near $3,829, a 1.14% dip in the last 24 hours and 6% down week-on-week.

“BTC is steady around the $108K mark, awaiting a clear directional move. Uncertainty surrounding U.S–China trade discussions and the U.S. government shutdown entering its fourth week, which has delayed key economic data releases, is keeping market activity measured. BTC closed its CME gap near $107K, with support at $106.5K and resistance at $109K, indicating a consolidation phase,” CoinSwitch Markets Desk said. “Meanwhile, Bitcoin’s options open interest now exceeds futures by $40B, one of the widest gaps on record, reflecting increased hedging activity and a mature market structure. Traders can focus on blue-chip assets like BTC and ETH as core holdings while keeping altcoin exposure moderate until broader macro clarity returns,” it added.October had kicked off on a positive note after Bitcoin briefly climbed to $122,500, its highest level in nearly a year. But the rally fizzled when U.S. President Donald Trump announced additional tariffs on several Chinese imports, sparking a wave of selling across global risk assets. The announcement triggered panic incrypto markets, leading to the record $19 billion liquidation.

During the flash crash, Bitcoin tumbled by about 15% to $104,600, while Ethereum slumped over 20% to around $3,500 before recovering slightly. Since then, digital assets have struggled to regain momentum as traders turn cautious amid persistent volatility.

“Bitcoin trades near $108,000 and market sentiment is neutral to mildly bearish as traders await confirmation of support between $104K–$110K. Resistance lies at $120K–$125K, where a breakout could renew bullish momentum. Institutional demand and ETF inflows remain strong, though macro uncertainty and profit-taking create short-term pressure. Technical indicators show consolidation, hinting at potential volatility ahead. Despite temporary cooling, the broader trend stays upward, supported by limited supply and increasing adoption. Bitcoin’s path now depends on holding key support and renewed confidence from large investors and retail participants,” Sathvik Vishwanath, Co-Founder and CEO of Unocoin said.

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