Bitcoin News Today: Retail Panic Meets Institutional Buying as Bitcoin Tests $106K Support

Bitcoin fell below $100,000 for the first time in six months on October 30, 2025, marking a significant milestone in the cryptocurrency's recent volatility. The price decline, which followed a 19% drop from its record high of $125,835.92 set in early October, has intensified speculation about further losses. Analysts and investors are now closely watching whether Bitcoin will test critical support levels at $106,600 or retreat further to the $70,000 range, as suggested by Elliott Wave frameworks and venture capital forecasts, according to Cointelegraph.

The selloff has been exacerbated by outflows from Bitcoin exchange-traded funds (ETFs), which saw $488.43 million in redemptions on October 30, led by BlackRock's IBIT ETF, according to TradingView. These outflows reflect broader market uncertainty, particularly after Bitcoin's failure to break above $114,000-a price level it has struggled to surpass since late October. Meanwhile, institutional investors have continued to accumulate, with one strategy firm purchasing 397 BTC for $45.6 million at an average price of $114,771, signaling a mixed outlook between retail caution and institutional confidence.

Technical analysts have turned to Elliott Wave theory to frame the potential trajectory. Vineet Budki, CEO of Sigma Capital, warned that Bitcoin's four-year cycle is far from over, predicting a 65%-70% drawdown in the next two years, as reported by Cointelegraph. His assessment hinges on investor psychology, arguing that many holders lack a fundamental understanding of Bitcoin's utility, leading to panic selling during downturns. "Bitcoin will not lose its utility if it comes down to $70,000," Budki said, though he emphasized that market sentiment, not intrinsic value, drives short-term volatility.

The price weakness has also impacted the broader crypto ecosystem. Bitcoin miners, including Marathon Digital Holdings (MARA), reported record Q3 revenues despite the slump, according to Yahoo Finance, highlighting the sector's resilience. However, altcoins like Litecoin (LTC) and Solana (SOL) have faced pressure, with analysts debating whether they will follow Bitcoin's lead. VanEck's proposed JitoSOL ETF, which aims to provide exposure to Solana's staking yields, underscores continued institutional interest in the space, even as prices fluctuate, according to Coinpaper.

Regulatory developments remain a key variable. The U.S. Securities and Exchange Commission's updated regulatory agenda and state-level policies, such as Wyoming's plan to launch a stablecoin, have created a more favorable environment for digital assets, according to a TradingView report. Yet, these tailwinds have not offset recent market headwinds, with Bitcoin's year-to-date range spanning from $67,839.67 to $124,714.85, a point the same TradingView piece also notes.

As the market digests these dynamics, the path forward remains uncertain. While some investors view dips as buying opportunities, others warn of deeper corrections. The coming weeks will likely test Bitcoin's ability to stabilize above $106,600-a level that could determine whether the current downturn evolves into a prolonged bear market.