Bitcoin Drops 5.7% Below $107K on OKX Amid Volatility
On October 22, Bitcoin fell sharply on OKX, plunging over 5.7% to below $107,000 amid renewed market volatility and cautious trader sentiment. The sudden sell-off, driven by profit-taking and macroeconomic uncertainties, pushed Bitcoin through key support levels at $108,000 and toward $105,000. Major altcoins felt pressure, with Ethereum dipping under $3,800 as other tokens retraced recent gains. Traders should monitor volume spikes, on-chain indicators and the $105,000 support zone for signs of a potential rebound or further decline.
Bearish
The sharp price drop of Bitcoin below key support levels indicates heightened selling pressure and cautious sentiment in the short term. Triggered by profit-taking and broader macroeconomic uncertainties, this correction suggests a bearish market impact for Bitcoin traders. While historical pullbacks can lead to consolidation and potential long-term recovery, the immediate outlook remains negative until Bitcoin stabilizes above support zones. Traders should watch volume trends and on-chain data for early signs of market reversal or deeper declines.