Bitcoin Price Analysis: BTC Climbs Above $111,000 As Market Pressures Ease

Bitcoin (BTC) has crossed $111,000 during the ongoing session after confirmation that President Donald Trump will meet Chinese President Xi Jinping, easing market fears about escalating trade tensions between the US and China. 

Bitcoin could end October in the red if prices drop further, with the flagship cryptocurrency on track for one of its worst October performances since 2013. 

JPMorgan To Accept Bitcoin As Collateral 

JPMorgan Chase & Co. plans to allow institutional clients to hold Bitcoin and Ethereum as collateral for loans by the end of the year. The initiative will be available to all institutional clients and will use a third-party custodian to secure the digital assets. The move reflects growing interest in integrating digital assets into mainstream finance. Bitcoin’s gains and a friendly regulatory environment have encouraged banks to expand their crypto offerings. JPMorgan’s offering treats crypto like traditional assets, such as gold, bonds, and stocks. 

“NEW: JPMORGAN PLANS TO ALLOW INSTITUTIONAL CLIENTS TO USE BITCOIN AND ETHER AS COLLATERAL FOR LOANS BY THE END OF THE YEAR - PER BLOOMBERG SOURCES.”

Several firms are exploring crypto offerings. Morgan Stanley plans to let their Etrade customers access crypto next year. State Street, BNY Mellon, and Fidelity have also started providing crypto custody services. Recent rule changes have also allowed BlackRock to swap client Bitcoin for ETF holdings tracking the asset. 

JPMorgan first explored crypto-backed lending in 2022 but ultimately decided against going ahead. However, recent regulatory clarity and rising demand have prompted a rethink. 

Bitcoin ETF Inflows Return 

Spot Bitcoin ETFs returned to positive territory, posting moderate net inflows of $20.3 million on October 23. The ETFs had recorded sharp outflows of $101.3 million a day prior, and substantial inflows of $477 million on October 21. As expected, BlackRock’s iShares Bitcoin Trust (IBIT) recorded $107.8 million in net inflows. Fidelity’s FBTC recorded $7.2 million, while Bitwise’s BITB added $17.4 million. The inflows helped offset substantial outflows from Grayscale’s GBTC and Ark 21Shares ARKB, which recorded $60.5 million and $50 million in outflows. The ETFs’ mixed performance shows that the market is still uncertain, and investor sentiment is divided. 

Another Satoshi Era Whale Awakens 

Another Satoshi-era Bitcoin wallet with $442 million in Bitcoin has become active, shifting funds for the first time in 14 years. The wallet owner accumulated their stash mining 4,000 BTC between April and June 2009, a few months after the blockchain went live. According to on-chain analytics platform Nansen, the once-dormant whale sent 150 BTC worth over $16 million in a single transaction. On-chain data also suggests the wallet may have once held 7,850 BTC and was last active in 2011. 

“A Satoshi-era wallet that mined 4,000 BTC between April and June 2009 - just months after Bitcoin’s launch - and consolidated everything into one wallet in June 2011, has just transferred out 150 BTC after 14.3 years of dormancy. It was worth $67,724 back in 2011. Now that same Bitcoin is worth $442 million.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) climbed to an intraday high of $112,158 during the ongoing session. However, it lost momentum after reaching this level and moved to its current level of $110,710, up 0.50%. 

BTC is on track for one of its worst “Uptober” performances since 2013, with the flagship cryptocurrency at risk of printing a “red” October for the first time since 2018. October saw BTC surge to record levels. However, optimism turned to panic as traders endured a liquidation nightmare. The flagship cryptocurrency has struggled to regain momentum since the October 10 crash and has mostly traded in a narrow range below the $112,000 mark. According to CoinGlass data, the average upside for October since 2013 has been 20%, putting BTC above $130,000. If BTC ends October 4% lower than its current level, it will be its worst performance in 12 years. 

BTC rose nearly 4% on Sunday to reclaim $115,000 and settle at $115,067. The price faced selling pressure and volatility on Monday, ultimately registering a marginal increase and settling at $115,274. Selling pressure returned on Tuesday as BTC fell to an intraday low of $109,945. It recovered from this level to reclaim $113,000 and settle at $113,068, ultimately dropping 1.91%. Sellers retained control on Wednesday as the price fell 2% to $110,804. Bearish sentiment persisted on Thursday as BTC fell below $110,000 and settled at $108,198.

Source: TradingView

BTC plunged to $103,516 on Friday as selling pressure intensified. However, it recovered from this level to settle at $106,463, ultimately dropping 1.60%. BTC rose on Saturday, rising 0.70% to reclaim $107,000 and settle at $107,208. Buyers retained control on Sunday as the price rose over 1% to cross $108,000 and settle at $108,676. Bullish sentiment intensified on Monday as BTC’s recovery continued. As a result, the price rose nearly 2% to reclaim $110,000 and settle at $110,568. BTC reached an intraday high of $114,082 on Tuesday. However, market sentiment soured and buyers lost momentum. As a result, the price fell 1.99% to $108,362. Sellers retained control on Wednesday as BTC fell 0.72% and settled at $107,585. Despite the selling pressure, the price recovered on Thursday, rising over 2% to reclaim $110,000 and settle at $110,116. BTC has lost momentum during the ongoing session and is trading around $110,567 after reaching an intraday high of $112,158.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.