Bitcoin Dips Below $108,000 Amid Ongoing Crypto Market Pressure

Singapore, Singapore – Bitcoin‘s price fell below $108,000 during Friday’s Asian trading session, reflecting a shift in sentiment across the cryptocurrency market. Analysts attribute this decline to investors moving towards safer assets leading up to important economic announcements.

After a modest recovery earlier in the week, Bitcoin’s upturn has faded, causing it to reexamine critical support levels around $105,000 to $108,000. Last week saw a shock sell-off where Bitcoin briefly dropped nearly 10% due to escalated U.S.–China trade tensions after President Donald Trump announced steep tariffs on Chinese goods.

Over $19 billion in leveraged crypto positions were liquidated during this downturn, highlighting the volatility of the market. Other cryptocurrencies like Ether and XRP also faced significant losses, falling between 15% to 30% in response to market panic, causing the total cryptocurrency market cap to shed approximately $400 billion in a single day.

Despite regaining some ground, Bitcoin’s latest dip suggests lingering risk aversion within the market. Analysts and traders noted a shift towards stablecoins as cautious buyers pull back from altcoins. Wenny C., COO at SynFutures, explained that market liquidity has begun to favor top-tier assets like Bitcoin, demonstrating a rotation of capital into less risky holdings.

With Bitcoin now representing around 56% of the total cryptocurrency market, it appears that many investors are choosing quality over speculation. Factors affecting the market include anticipation of the U.S. Federal Reserve‘s next policy meeting on November 1, where a potential rate cut could shift risk sentiment favorably.

As tensions between the U.S. and China contribute to global uncertainty, market participants are closely monitoring how these macroeconomic dynamics will affect crypto prices moving forward. Some analysts see this moment as an opportunity to buy Bitcoin at a lower price, believing that the eventual easing of monetary policies may catalyze a market recovery.

In the meantime, traders remain vigilant as they watch the market’s response to upcoming economic indicators, with movements in the cryptocurrency landscape expected to continue influencing broader financial markets.