BlackRock triggers $1 billion sale, BTC falls

Bitcoin remains under intense selling pressure as it failed to sustain a key support level near $106,000. The world’s largest cryptocurrency continues to trend downward as institutional investors intensify, with reports that BlackRock sold about 9,000 BTC worth about $1 billion earlier today. This significant drop further strengthened the bearish momentum that began after Bitcoin rejected its $126,000 peak earlier this month.

Market trends and technology outlook

Bitcoin’s 4-hour chart shows a consistent formation of highs and lows, indicating a clear downtrend. The asset is currently trading below all major exponential moving averages (20, 50, 100, 200), confirming bearish sentiment in both the short and medium term.

Immediate resistance lies between $110,000 and $113,000, coinciding with the 20 EMA and the 0.236 Fibonacci level. If it cannot regain this zone, the price could approach $102,000.

Additionally, the 0.382 to 0.5 Fibonacci range between $113,000 and $116,000 is clustered with resistance from the higher EMA. A close above $118,000 would require 0.618 fib to indicate a sustained reversal. Meanwhile, $105,927 remains important short-term support. A critical fall below this could accelerate losses towards $100,000.

Investor behavior and derivatives activity

Despite the correction, market participation in Bitcoin futures remains strong. Open interest increased steadily throughout 2025, rising from less than $20 billion in January to more than $70 billion in mid-October.

As of October 17, total open interest was $73.19 billion, reflecting increased speculative activity. This level of leverage often indicates confidence among traders, but it also increases liquidation risk if prices drop sharply.

Currency flows indicate long-term holding

According to the exchange’s inflow/outflow graph data, Bitcoin outflows have been dominant since February. Large withdrawals in April, June, and early October suggest that many investors prefer self-custody over exchange storage. On October 17th, an outflow of $209 million was recorded while the price hovered around $105,864. This pattern indicates long-term accumulation despite short-term price declines.

Technical outlook for Bitcoin price

Key levels remain well defined for late October.

• Top level: $110,700 (0.236 Fib), $113,700 (0.382 Fib), and $116,100 (0.5 Fib) are the closest resistance zones. A breakout above these can spread in the following directions: $118,500 and $121,900Here, the Fibonacci retracement of 0.618 and 0.786 coincides with the long-term moving average.
• Lower price level: Support is nearby right away $105,900followed by $103,000 and $102,000marks the lower bound of the recent consolidation range. A sustained break below $102,000 could trigger a further decline to $102,000. $100,000 psychological support.
• Upper limit of resistance: of 200EMA near $115,300 This remains an important level for achieving a bullish reversal over the medium term.

Technical settings suggest that Bitcoin is compressing within a downward channel, indicating increased volatility ahead of the next decisive move.

Will Bitcoin rebound or will the correction be extended?

Bitcoin price predictions for October depend on whether the bulls can defend the $105,900-$103,000 demand zone long enough to reclaim the short-term EMA. A strong close above $111,000-113,000 could validate a short-term recovery with the next target at $118,500.

However, a sustained rejection at the 20-50 EMA cluster will confirm the continuation of the bearish structure. Rising open interest and institutional selling, including BlackRock’s $1 billion liquidation, suggests more volatility ahead. For now, Bitcoin is at a critical juncture where it holds important support and could trigger a pullback, but failure would reveal the next downside towards $100,000.

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