Bitcoin News Today: Market Stabilizes After $20B Liquidation as Bulls and Bears Clash Over Key Levels

Bitcoin and major altcoins rebounded from recent lows amid heightened volatility following a sharp market correction triggered by U.S. President Donald Trump's announcement of 100% tariffs on China. The correction led to a $20 billion liquidation of leveraged positions, according to CoinGlass data, but buyers have since stepped in at lower levels, suggesting a potential stabilization phase. Economist Timothy Peterson told Cointelegraph that Bitcoin could enter a "cooling off period" for three to four weeks before resuming its uptrend at a slower pace Cointelegraph^[1].

The SPX broke below its 20-day exponential moving average (6,652) on October 10, signaling profit-taking by traders. Bulls reclaimed the 50-day simple moving average (6,538) and pushed the index back to the 20-day EMA. A close above this level could retest the all-time high of 6,764, while a breakdown below 6,350 would indicate a deeper correction Cointelegraph^[1].

DXY closed above its moving averages on October 8, signaling weakening bearish momentum. Bulls pushed the index above the downtrend line but failed to sustain the breakout. A bounce off the 20-day EMA (98.26) could target 100.50, while a close below the moving averages may push the index to 96.21 Cointelegraph^[1].

BTC/USDT rebounded from $102,000 on October 10 after sellers failed to complete a double-top pattern. The price is expected to face resistance at the 61.8% Fibonacci retracement level of $116,955. A breakthrough to $121,020 could test the all-time high of $126,199, while a sharp decline below $107,000 would signal renewed bearish pressure Cointelegraph^[1].

ETH/USDT recovered from a drop below its descending channel on October 11, indicating strong demand at lower levels. A close above the moving averages could extend the uptrend, while a breakdown below the channel suggests a near-term top Cointelegraph^[1].

BNB/USDT reclaimed the 20-day EMA ($1,145) on October 11 after a volatile correction. Bulls pushed the price to a new all-time high of $1,375 but face resistance at $1,350. A close above this level could target $1,609, while a breakdown below $1,145 would indicate a short-term top Cointelegraph^[1].

XRP/USDT completed a bearish descending triangle on October 10, plunging below its pattern target of $1.72. A recovery to the 20-day EMA ($2.77) faces expected resistance, with further declines to $2.20 possible if sellers dominate Cointelegraph^[1].

SOL/USDT fell below its ascending channel on October 10 but rebounded to $168 on October 12. A close below $168 would signal negative sentiment, while a breakout above the moving averages could target $260 Cointelegraph^[1].

DOGE/USDT re-entered its $0.14–$0.29 range after a brief dip below $0.14. A close above $0.29 or below $0.14 could initiate a new trend, with the 20-day EMA ($0.23) acting as a key resistance level Cointelegraph^[1].

ADA/USDT plunged to $0.27 on October 11 but rebounded to the channel's breakdown level. Sellers are expected to challenge the 20-day EMA ($0.78) zone. A sharp decline below this level could push the price to $0.50 Cointelegraph^[1].

HYPE/USDT completed a head-and-shoulders pattern on October 10, targeting $21. A bounce off the neckline faces strong resistance, with a breakdown below $35.50 potentially pushing the price to $30.50. Buyers pushing above the moving averages could signal the end of the correction Cointelegraph^[1].

The market's mixed signals reflect a tug-of-war between institutional buying and bearish technical setups. While Bitcoin's short-term holder cost basis ($114,000) provides immediate support, the broader market's resilience depends on sustaining gains above key resistance levels. Analysts caution that a failure to hold these levels could trigger further corrections, but the liquidation event appears to have flushed out speculative excess, creating a cleaner base for potential long-term gains Cointelegraph^[1].