Bitcoin Tests Key Support as Analysts Cite Retail Fear and Market Compression Near $107K

Bitcoin’s price action on Oct. 30 (UTC) showcased signs of a technical reset, with analysts highlighting crucial long-term trend tests, mounting retail fear, and tightening price compression around support levels. CoinDesk Research’s technical model noted that bitcoin remained in a narrow range near $107,000, suggesting market indecision amid elevated trading volumes.

Altcoin Daily emphasized that it’s typical for bitcoin to retest the 50-week moving average during bull markets, identifying that trendline near $103,000. Such a retest often determines whether buyers are ready to defend long-term support. Meanwhile, Santiment data revealed an uptick in bearish sentiment as prices dipped toward $107,000, with many traders forecasting sub-$100,000 levels — a signal of crowd fear at its highest since the Oct. 10 sell-off. Historically, such pessimism often precedes market rebounds.

CoinDesk Senior Analyst Omkar Godbole identified $97,000 as the first support zone, referencing prior consolidation patterns where declines stalled around the high-$90,000 range. Bitcoin rose 0.98% to $107,247 in 24 hours, outperforming the CoinDesk Index (CD5) by 0.78 percentage points, signaling that BTC’s movement largely tracked the broader crypto market.

Trading activity spiked sharply, with the largest sell burst reaching 31,143 BTC—about 185% of the daily average—indicating potential distribution pressure. The price consolidated tightly between $107,650 and $108,225, while resistance zones were seen around $111,650 and $113,600.

If bitcoin breaks above $111,650, analysts see potential upside targets between $115,800 and $117,500. Conversely, a drop below $107,400 could trigger a decline toward $102,000–$104,000, a previously identified accumulation zone. With mixed flows and cautious sentiment, traders appear to be waiting for a decisive move above resistance or below key support before committing to new positions.