Monster Bitcoin crash alert as BTC erodes $146 billion in a day

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Bitcoin’s (BTC) losing streak deepened on October 17, with the flagship cryptocurrency plunging to just above $104,000 and shedding almost $150 billion in market value in less than 24 hours.

The decline pushed BTC’s market capitalization from $2.216 trillion on October 16 to $2.07 trillion, raising fears that the $100,000 threshold could be tested in the coming days.

The latest drop was triggered by a renewed escalation in U.S.–China trade tensions. President Trump’s threat of 100% tariffs on Chinese imports sent shockwaves across global risk assets, driving investors toward gold while draining liquidity from crypto.

Spot Bitcoin ETFs recorded $536 million in outflows on October 16, the largest single-day withdrawal since August, underscoring that even institutional players are retreating in the face of heightened uncertainty.

Derivatives markets added fuel to the fire. More than $1.15 billion in leveraged Bitcoin longs were liquidated within 48 hours, creating a cascade of forced selling that accelerated the downturn. This kind of leverage unwind has repeatedly amplified volatility during periods of macro stress, and October’s selloff was no exception.

Bitcoin price analysis

Technicals offered little support. BTC broke decisively below $109,000, slipped under its 200-day simple moving average at $107,402, and pierced the expanding channel floor near $99,500.

Indicators remain firmly bearish: the daily RSI sits at 28, deep in oversold territory, while the MACD continues to flash momentum to the downside.

Bitcoin 1-day price chart. Source: Finbold

The focus now shifts to November 5, when the threatened tariffs are set to take effect. Any sign of compromise between Washington and Beijing could provide relief for risk assets, but without it, Bitcoin faces the prospect of further drawdowns. With macro uncertainty colliding with technical weakness, the $99,500 support zone has become the final barrier before BTC risks breaking below six figures.

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