What happened? Bitcoin slipped to $105,191 and is now testing the key 200‑day EMA after tariff and deleveraging headlines.
BTC dropped about 2.8% to roughly $105K, sitting just above the 200‑day EMA at $104,901 and about 14% below its October ATH. President Trump’s cancellation of 100% China tariffs coincided with heavy market liquidations — roughly $1.2B in recent flushes after a prior $19B leverage purge. Technicals are mixed (neutral RSI, bearish MACD) while ATR shows extreme volatility, so traders are braced for big swings around the $100K support.
Who does this affect? Traders, institutions, and anyone with crypto exposure are all on notice.
Leveraged traders and derivatives holders were hit hardest by liquidations and remain vulnerable if price breaks key support levels. Institutional buyers and spot‑ETF investors matter too — October saw strong ETF inflows and institutions could either pause accumulation or step in depending on how this plays out. Altcoin holders and exchanges feel the impact as Bitcoin dominance rises and liquidity flows into stablecoins and safer assets.
Why does this matter? The 200‑day EMA test and macro headlines will likely determine near‑term market direction and volatility.
If the 200‑day EMA holds, BTC could rally back toward $110K–$120K and renew institutional buying, but a break below $100K would probably trigger broader selling and a deeper correction toward ~$95K. That split outcome makes this a crucial decision point for risk assets and could amplify liquidations and intraday swings. With tariff relief and talk of Fed cuts changing liquidity conditions, macro news will likely magnify price moves and create either buying opportunities or sharp downside risks.