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Bitcoin struggled for direction on Thursday, remaining stuck within a narrow range as renewed U.S.–China trade tensions and cautious investor sentiment kept crypto markets subdued.
The world’s largest cryptocurrency edged up 0.8% to $108,918.2 by 06:06 GMT, extending its recovery from earlier lows near $103,000 this month, but still trapped between $100,000–$110,000 — a band that has defined trading through October.
Trade Tensions Cloud Crypto Outlook
Reports that Washington is considering export restrictions on software-powered goods — including laptops and jet engines — in response to China’s rare earth export curbs rekindled fears of a renewed trade war between the world’s two largest economies.
While such trade disputes do not directly involve digital assets, they tend to dampen risk appetite, pushing investors toward traditional safe havens like gold while discouraging exposure to volatile assets such as cryptocurrencies.
As a result, Bitcoin’s price momentum has stagnated even as global equity markets and tech stocks — particularly those tied to AI optimism — have outperformed.
October Slump Marks a Reversal of ‘Uptober’ Optimism
Bitcoin is down nearly 5% month-to-date, a sharp contrast to the 10% gain recorded in October 2024 during the so-called “Uptober” rally — a seasonal pattern where crypto assets typically outperform.
The sentiment shift followed a flash crash earlier this month that erased roughly $500 billion in total crypto market capitalization, shaking trader confidence and fueling widespread liquidation of long positions.
Adding to the pressure, on-chain data this week revealed that a major Bitcoin whale opened a short position, echoing similar activity before the October crash — a move seen by traders as a bearish signal for near-term price action.
Altcoins Mixed as Volatility Eases
Broader crypto markets mirrored Bitcoin’s subdued tone.
- Ether (ETH) held steady at $3,855.63, showing little follow-through despite improving tech sentiment.
- BNB outperformed, rising 3.1% to $1,103.89, supported by steady exchange activity.
- XRP, Solana, and Cardano posted modest gains.
- Among memecoins, Dogecoin rose 1%, while $TRUMP slipped 0.4%.
Outlook: Rangebound Trading Likely to Continue
Analysts see Bitcoin remaining rangebound in the short term as markets weigh conflicting forces — the macroeconomic uncertainty tied to trade tensions and the prospect of U.S. interest rate cuts, which could eventually improve liquidity for speculative assets.
Until a decisive catalyst emerges — such as clarity on Fed policy, progress in trade talks, or a return of institutional inflows — Bitcoin is likely to oscillate between support near $100,000 and resistance around $110,000, with investor sentiment remaining cautious.
