As of 1:34 p.m. ET, Bitcoin was trading at $98,841.86, following a recent report by JPMorgan analysts who projected a support price for BTC around $94,000. The cryptocurrency experienced a decline of over 2% on Thursday afternoon.

Understanding the Bitcoin Price Drop

The data reveals that a substantial $342 million of the total liquidations were derived from long positions, according to CoinGlass. In parallel, bitcoin spot ETFs experienced a reduction of approximately $278 million on Wednesday.

JPMorgan’s note from Wednesday highlighted that Bitcoin’s estimated production cost, often seen as a price floor, has increased to about $94,000 from a previous estimate of $92,000. This rise is attributed to a significant increase in the Bitcoin network’s difficulty over recent months, escalating the production costs.

Impact of Economic Factors on Bitcoin Price

From a broader perspective, Nic Puckrin, co-founder of The Coin Bureau, suggested on Thursday morning that the ongoing government shutdown and the diminishing prospects of a rate cut are likely to exert pressure on Bitcoin’s price.

“The anticipated release of the U.S. CPI report from October was delayed due to the government shutdown, creating a substantial gap in federal data flow,” Puckrin noted. “This has led to a sharp decline in the odds of a December rate cut.”

He further stated, “As we approach the most uncertain FOMC meeting of the year, there could be a shift towards safety and defensive assets. Traders should remain vigilant in the coming weeks, especially when dealing with high-risk assets like Bitcoin.”

Disclaimer: The Block operates independently to deliver reliable, impactful news in the crypto sector. Foresight Ventures, a primary investor, also invests in other crypto-related companies, maintaining The Block’s objective reporting.

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Understanding the Binance Display Issue

On a tumultuous Friday, traders on Binance saw tokens like IoTeX (IOTX), Cosmos (ATOMUSD), and Enjin (ENJUSD) seemingly plummet to $0. This incident coincided with a significant market downturn that resulted in the liquidation of up to $20 billion in leveraged positions, marking it as the worst 24-hour crypto liquidation event in history.

Despite the panic, Binance display issue was identified as the root cause. In an update, Binance explained that changes in the decimal places for trading pairs such as IOTXUSDT led to prices being displayed as zero, although the tokens maintained their value on other platforms.

Speculations of a Coordinated Attack

In the wake of the incident, speculation arose that Binance might have been the target of a coordinated attack. Crypto trader ElonTrades suggested that a malicious exploit may have been at play, affecting Binance’s “Unified Account” feature, which relies on internal oracle data.

According to ElonTrades, attackers might have exploited the window before Binance’s planned shift to external price feeds, scheduled for October 14, causing significant price discrepancies. This alleged exploit led to a series of liquidations and a market-wide contagion, culminating in a $1 billion liquidation cascade.

Impact on the Market and Binance’s Response

As a result of the depegging event, Binance announced $283 million in compensation for affected users. Nevertheless, the incident prompted calls for regulatory scrutiny. Kris Marszalek, CEO of Crypto.Com, advocated for investigations into centralized exchanges that incurred substantial losses during the crash.

The Binance display issue serves as a stark reminder of the volatility and complexities inherent in cryptocurrency markets. It underscores the importance of robust infrastructure and transparent communication in maintaining market stability and investor confidence.

Moving forward, Binance’s commitment to enhancing its oracle systems and compensating affected users highlights its proactive approach to risk management. However, the incident also raises broader questions about the security and reliability of centralized exchanges in the face of potential exploits.

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Beginning the week with a yearly high, Ethereum has shown a 178% recovery from its April slump. The digital currency has witnessed a significant surge in recent weeks, following its price breakout and consolidation from May to June.

With the crypto market’s revival this month, spurred by Bitcoin’s ascend to new all-time highs (ATHs), ETH reclaimed the critical $3,000 threshold and continued its upward climb towards the crucial resistance of $3,800.

On Monday, Ethereum hit its yearly high of $3,860 before encountering resistance and retreating to the $3,600 zone. Analyst Ali Martinez suggests that the $3,835 resistance and the $3,490 support could be instrumental in determining Ethereum’s future progression.

Interestingly, the $3,825 region is the most formidable resistance, with 2.82 million addresses purchasing 1.48 million ETH at this level. Conquering this level could pave the way for a rally to the cycle high of $4,107.

Conversely, the $3,490 area, where 4.18 million addresses acquired 3.53 million ETH, remains the strongest support following the recent breakout. If the current levels fail to hold, a significant resistance rejection could trigger a price fall towards this zone.

Market observer Andrew Crypto predicts a possible Ethereum correction, stating that “a chart without a correction isn’t a healthy chart.” He suggests the cryptocurrency may retreat to its yearly opening (YO) area, between $3,300-$3,400, after facing rejection from the supply zone and major resistance. However, he anticipates a bounce and a retest of the $3,800 mark if a pullback occurs.

Analyst Crypto Bullet notes that Ethereum’s performance mirrors its price action from the last cycle. He points out a Descending Broadening Wedge pattern forming on ETH’s chart, eerily similar to its 2019-2020 setup. Despite a potential 10%-15% pullback to the $3,300-$3,400 area, he remains bullish and anticipates a breakout, eyeing a cycle top target between $8,000 and $10,000.

Merlijn The Trader also highlights similarities between Ethereum’s 2017 and 2025 rallies. According to him, the current cycle could repeat the 5,000% rally seen in 2016-2017, given the institutional backing.

As of this writing, ETH is trading at $3,698, marking a 21% increase over the past week.

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The largest inflow was observed in BlackRock’s IBIT, which saw an enormous inflow of $327.3 million, as per data from SoSoValue. This was followed by Ark and 21Shares’ ARKB, which recorded $97 million in net inflows. Bitwise’s BITB also saw a healthy inflow of $10.2 million, while Invesco’s BTCO received an inflow of $7.5 million.

Thursday’s $442 million inflows came on the back of substantial inflows of $916.9 million on Wednesday and $936.4 million on Tuesday. However, the total trading volume of these 12 ETFs fell to $2 billion on Thursday, a significant drop from $4 billion the day before.

Despite global trade tensions causing waves in broader markets, bitcoin showed exceptional resilience. Major US stock indexes ended on a high note on Thursday, reflecting signs of easing tariff disputes between the US and China. The Nasdaq Composite rose by 2.7%, S&P 500 increased by 2%, and the Dow Jones Industrial Average gained 1.2%.

Bitcoin’s price saw a growth of 1.3% over the last 24 hours, standing at $93,687 at the time of the report, according to The Block’s price page. Ether experienced a slight increase of 0.43%, trading at $1,778.

Spot ether ETFs also witnessed a net inflow of $63.5 million on Thursday, a considerable rebound from the net outflows of $23.9 million the previous day.

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Bitcoin demonstrated a commendable recovery wave that exceeded the $81,000 benchmark. Currently, it’s trading above $81,500 and the 100 hourly Simple Moving Average. However, a short-term bullish trend line support at $83,000 on the hourly chart of the BTC/USD pair (data from Kraken) was broken.

If Bitcoin manages to clear the $82,500 and $84,000 levels, it might trigger another increase. Despite a steady price above $78,000, BTC had to face resistance near $84,000 from the bears. After reaching a high of $84,200, the price adjusted to some gains, dipping below the $83,000 level.

In the event of a close above $85,000, Bitcoin’s price could skyrocket further, potentially testing the $86,500 resistance level. If gains continue, the price might even reach the $88,000 or $96,200 mark.

Should Bitcoin fail to surpass the $82,450 resistance zone, a new decline could be on the horizon. The first significant support level is near $79,600 or the 61.8% Fib retracement level of the upward move from the $76,818 low to the $84,200 high. If losses extend, the price might even reach the $77,000 support in the short-term, with the main support sitting at $76,500.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 mark.
Major Support Levels – $80,500, followed by $79,600.
Major Resistance Levels – $82,450 and $84,000.

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Summary:
Bitcoin’s price nosedived 15% last week, marking its steepest drop since Trump’s win. The intense Fear, Uncertainty, and Doubt (FUD) sweeping the market might paradoxically hint at an imminent recovery.

From All-Time High to Correction:
Bitcoin soared to a historic high of over $108,000 just days ago, propelled by post-Trump victory momentum that delivered a 60% increase. However, Federal Reserve Chair Jerome Powell’s hawkish stance on interest rates for 2025 triggered a sharp correction. BTC plummeted to $92,000 before rebounding slightly, now hovering near $95,000 but lacking the strong recovery seen in prior dips.

Sentiment Turns Negative:
Crypto analytics firm Santiment reported a dramatic downturn in investor sentiment, plunging to its most negative statistical level of the year. Historically, Bitcoin’s price often defies crowd expectations, suggesting a contrarian opportunity for recovery.

BREAKING: Crypto’s latest dip sends Bitcoin’s crowd sentiment to its lowest point this year. Traders are in severe FUD, which often precedes price reversals.

Potential Buy Signal Spotted:
According to crypto analyst Ali Martinez, the TD Sequential indicator on Bitcoin’s 4-hour chart signals a possible rebound. This tool, which identifies trend exhaustion, suggests BTC might soon reverse its downward trajectory.

Martinez highlighted a critical support zone between $97,041 and $93,806. BTC briefly slipped below this range but managed to bounce back. Should this area hold, a rally could ensue. Conversely, failure to maintain support might lead to a dramatic drop toward $70,000 due to minimal underlying support.

The key Bitcoin support lies between $97,041 and $93,806. A break below risks a drop to $70,085.

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Bitcoin continues to display remarkable resilience, maintaining its value amidst significant market fluctuations. As various cryptocurrencies experience volatility, Bitcoin’s stability highlights its robust position in the digital asset space. This stability can be attributed to increased institutional interest and growing acceptance as a store of value.

Institutional Interest Fuels Stability

Institutions are increasingly viewing Bitcoin as a viable investment, contributing to its steadiness. The influx of institutional funds provides a solid foundation, mitigating drastic price drops and enhancing Bitcoin’s credibility as a long-term investment.

Growing Acceptance as a Store of Value

Bitcoin’s acceptance as a digital store of value is on the rise. Investors seeking to hedge against inflation and economic uncertainty are turning to Bitcoin, reinforcing its position as a reliable asset. This trend is expected to continue, further solidifying Bitcoin’s role in the financial landscape.

Future Outlook

The outlook for Bitcoin remains positive, with anticipated advancements in technology and increased regulatory clarity likely to bolster its position. Investors and analysts remain optimistic about Bitcoin’s potential to reach new heights in the coming years.

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Mysterious Bitcoin Movements: The Unmasking of Hydra’s Dormant Funds

A staggering 118 BTC (equivalent to over $3 million at current market rates) has been moved from Russia’s largest darknet marketplace, Hydra. This comes as a seismic shock since the marketplace had been blocked since April 5, 2022. With funds having been stagnant for almost a year, the sudden movement to three new Bitcoin addresses raises multiple red flags. Particularly curious is the fact that some of the funds were laundered using crypto mixers like Blender.io and WasabiWallet.io, heightening the suspicion surrounding this massive transfer.

Cryptocurrency Crime Investigators on High Alert

Match Systems, a foremost authority in crypto crime investigations, has been at the forefront of tracking illegal activities related to cryptocurrencies. The company claims to have investigated over 30% of high-profile cases involving thefts of more than 250 thousand USDT. Given its previous involvement in Hydra-related investigations, the sudden fund movements have caught the keen eye of Match Systems. As the authorities double down on their efforts to trace the origin and destination of these funds, investors and regulatory bodies are anxiously waiting for any form of explanation or accountability.

What the Sudden Movement Means for the Crypto Market

It’s vital to understand the ripple effect this will have on the broader cryptocurrency market. A withdrawal of this magnitude from a dormant account connected to illegal activities not only raises security concerns but also impacts market stability. It feeds into the ongoing debates about crypto regulations and could prompt stricter oversight from regulatory bodies. Furthermore, the potential for these funds to flood the market adds another layer of unpredictability to Bitcoin prices, making it a subject of speculation among traders and investors.

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