Market Dynamics on October 30th
Trading volume surged 60.5% above the weekly average on October 30th, as Bitcoin compressed into a $107,000 to $108,000 band near technical support levels. Long-term holders distributed approximately 325,600 Bitcoin during the period, marking the largest monthly sell-off since July.
Retail Sentiment and Market Expectations
Santiment reported that retail fear spiked to levels not seen since the October 10th crypto crash. Social media posts calling for sub-$100,000 prices increased sharply as the dip toward $107,000 unfolded. The analytics firm noted that markets often move against crowded expectations.
Technical Analysis and Support Levels
Altcoin Daily highlighted that bull markets commonly see Bitcoin retest the 50-week moving average, which is currently positioned near $103,000. A retest occurs when price dips back to a widely watched trendline to determine if buyers will provide support.
CoinDesk Senior Analyst Omkar Godbole identified $97,000 as the first major support zone. His analysis sketched a broad consolidation pattern with a lower boundary pointing to the high-$90,000 range, where previous declines have stalled.
Resistance and Consolidation
Resistance levels appeared near $111,650 and $113,600, areas where sellers previously became active. The compression zone between $107,000 and $108,000 suggests the market is catching its breath while participants reset their positions.
Distribution pressure from long-term holders meeting demand into strength can cap rallies until supply is absorbed. Many traders await a clean breakout from the current range or a decisive reclaim above $111,650 before adjusting positions significantly.