Bitcoin and Ethereum ended the week from Oct 13 to 17 on a mixed note, as renewed global trade tensions and risk-off sentiment erased mid-week gains, underscoring the fragile mood across cryptocurrency markets.
Bitcoin briefly rebounded to around US$115,000 on Oct 13 after plunging earlier in the week following the US’ announcement of new tariffs on China, a move that wiped billions off the global crypto market. Ethereum followed suit, jumping about 10% to over US$4,150, buoyed by technical support and derivatives unwindings.
However, the rebound proved short-lived because by Oct 17, Bitcoin had fallen back to around US$104,700, marking its lowest level since June, while Ethereum slipped nearly 8%, as traders pared exposure ahead of key US economic data and lingering uncertainty around global growth.
Market analysts attributed the volatility to a combination of factors including heavy leveraged liquidations, shifting expectations on US monetary policy and thin liquidity conditions following the sharp weekend sell-off.
Bitcoin now faces immediate support at US$107,000, with a break below that level potentially triggering a deeper slide toward the US$90,000-US$100,000 range. Ethereum, meanwhile, needs to hold above the US$3,800-US$4,000 zone to sustain any rebound momentum.
Looking ahead, traders will be watching US trade developments, macroeconomic data releases and ETF flow trends for direction in the coming week.
