Bitcoin Below $112K: Weekly Crypto Market Wrap-Up 12 Oct

Last week, we shared a bullish outlook for Bitcoin, targeting $128K, but the market had other plans. The bulls lost control as Bitcoin broke below the critical $118.6K support, confirming what we warned on October 10 — the possible beginning of a new bear market.

Market Overview

Bitcoin’s sharp decline from $122.5K to $112K signals a clear shift in sentiment. Technical structure has turned bearish, and traders are now preparing for a continuation down to at least $100K. Any counter-trend rallies are likely to face heavy selling pressure and should be faded into shorts, as the overall momentum remains downward.

Altcoins Under Pressure: ETH, SOL & Broader Sell-Off

The downturn wasn’t limited to Bitcoin. Major altcoins also experienced deep losses during October 10, reflecting contagion across the market.

Ethereum (ETH)

ETH also fell significantly on Oct 10, ETH dropped 12.33 % that day to ~$3,435.

Solana (SOL)

On October 10, SOL closed around $188.43 (-14.71%) in a single day.

Together, BTC, ETH, and SOL all cracked under pressure — and altcoin weakness is now a clear confirmation that the correction is broad-based, not isolated. However, $ZEC gained momentum after reclaiming $230.

Global Triggers: Trade War and Institutional Moves

The escalating U.S.–China trade war has further shaken investor confidence. Traditional markets reacted violently — both S&P 500 (SPX) and Nasdaq saw massive sell-offs, with the Nasdaq dropping nearly $1,000 in a single trading session. This cross-market panic spilled into crypto as risk-on sentiment vanished.

Adding fuel to the fire, reports surfaced of a CT (Crypto Twitter) trader minting millions through aggressive BTC shorts right before the dump. The timing has raised speculation of possible insider information or coordinated market moves, as on-chain data showed unusually high short interest just hours before the crash.

What’s Next for Bitcoin?

Despite a few bullish headlines and minor ETF inflows, the broader structure looks weak. Liquidity is drying up, open interest is declining, and volatility is spiking. These are often the precursors to deeper market corrections.

We expect further downside pressure toward $100K, where Bitcoin might attempt to stabilize. Until then, traders should remain cautious, manage leverage wisely, and focus on short setups at resistance levels rather than chasing bounces.

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