On the evening of October 23rd, the cryptocurrency market experienced a slight upward trend after several volatile sessions. Data from the OKX exchange reveals that Bitcoin rose by over 0.5% in the past 24 hours, reaching approximately $109,150.
Other major cryptocurrencies also showed positive movements: Ethereum (ETH) increased by 0.3% to $3,840; BNB climbed more than 1.5% to $1,090; XRP edged up 0.2% to $2.40; and Solana (SOL) surged by over 3%, hitting $191.
Despite the modest recovery, analysts warn that Bitcoin remains vulnerable to a significant downturn. According to Cointelegraph, the current price hovers around $109,435, with indicators suggesting a potential decline below $90,000.
If the price falls below $107,500, there’s a high likelihood of a further drop to $88,000, representing a nearly 20% loss in value. Such a scenario could shock many investors.
Bitcoin is currently trading around $109,150. Source: OKX
Since its peak above $126,000, Bitcoin has declined by 13.6% and is now trading below the average cost basis of short-term investors, signaling a weakening market.
Glassnode data indicates that Bitcoin must stay above $108,600 to avoid a deeper decline; breaching this level could push the price down to $97,500.
According to analyst Daan Crypto Trades, $111,000 is a critical threshold for Bitcoin’s recovery. However, if it falls below $107,000, the price could slide to the $100,000 range or lower.
Independent analysis firm 52Hz Database notes that the $3,600–$3,700 range has become a strong support zone for Ethereum. Following the October 10th dip, buying volume increased significantly from October 12th, concentrated around this area.
Order book data also shows substantial buying interest at $3,700 and $3,600, with the $3,600 level being particularly robust. This suggests that major investors view this range as a critical support level for Ethereum.
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