Bitcoin Price Holds Steady Near $108,000
Bitcoin (BTC) price stayed around $108,000 on Wednesday. It fell short of a key resistance level the day before. Investor caution limits strong gains in Bitcoin and other risky assets. On Tuesday, US-listed spot Bitcoin ETFs saw an inflow of over $477 million. This ended a streak of outflows and helped support Bitcoin’s price.
Mixed Market Sentiment and Geopolitical Factors
US President Donald Trump said he expects a “good deal” in upcoming talks with Chinese President Xi Jinping. These talks will happen at the Asia Pacific Economic Cooperation summit in South Korea later this month. However, Trump also said the meeting might not happen. US Treasury Secretary Scott Bessent will meet Chinese officials to ease trade tensions.
This easing of US-China trade tensions briefly pushed Bitcoin above $114,000. But Bitcoin closed Tuesday down 2%. On the geopolitical front, Trump said he did not want a “wasted meeting” after plans for talks with Russian President Vladimir Putin were paused. Differences between US and Russian peace proposals on Ukraine remain large, lowering chances of a summit.
These mixed geopolitical signals and the US government shutdown make investors cautious. Wenny Cai, Co-Founder and COO at SynFutures, told FXStreet that Bitcoin and other major coins show sharp swings due to cautious market sentiment. Traders now react strongly to macro factors like bond yields, geopolitical risks, and low liquidity.
Institutional Demand Shows Mild Recovery
Institutional interest in Bitcoin shows some improvement. Data from SoSoValue shows Bitcoin spot ETFs had a $477.19 million inflow on Tuesday. This ended a period of outflows since October 15. Continued inflows could help Bitcoin’s price recover.
Bealls Inc. Accepts Cryptocurrency Payments Nationwide
Bealls Inc., a US retail company, announced a partnership with Flexa on Monday. This allows customers to pay with cryptocurrencies in over 660 stores. Bealls is the first national retailer to accept digital currencies from more than a dozen blockchains. These include Bitcoin (BTC), Ethereum (ETH), stablecoins, and meme tokens.
This move supports long-term crypto adoption. It shows growing use of cryptocurrencies in everyday shopping. It may also encourage other large retailers to accept crypto payments, boosting demand and use of blockchain networks.
Bitcoin Faces Resistance at $113,600 Level
Bitcoin was rejected at the 50-day Exponential Moving Average (EMA) of $113,606 on Tuesday. It closed at $108,297, down 2% for the day. On Wednesday, Bitcoin stabilized near $108,000.
If Bitcoin keeps falling, it could test the 61.8% Fibonacci retracement at $106,453. A close below this could push Bitcoin toward the October 10 low near $102,000. The Relative Strength Index (RSI) is at 40, showing growing bearish momentum. The MACD indicator also shows a bearish crossover from last week.
If Bitcoin recovers and closes above the ascending trendline, it may rise back toward the 50-day EMA at $113,608.
