Is Bitcoin Local Bottom In? Crypto Market Update 17 OCT

Is Local Bottom In?

As of writing, Bitcoin (BTC) is trading around $105,900, with our analysts identifying a local bottom near $103,500. Despite the prevailing bearish sentiment, a short-term rebound toward $109,000 appears likely in the coming days. With the weekend approaching and overall market sentiment leaning negative, a wave of short-covering could trigger a brief relief rally before any renewed downside pressure.

BTC Chart

Deep Dive into Technicals

High time frame indicators remain bearish, however, lower time frames are showing signs of bullishness. If a higher low is established on the H1 chart, a move toward $109,000 becomes a realistic target. In such market conditions, patience is key — avoiding high leverage and maintaining discipline, hardcore risk management is essential to survive volatile markets like these.

Markets and Pullbacks

Before resuming a dominant HTF trend market usually gives a strong counter trend rally to clear late Bulls and Bears termed as Dumb Money.

Next Move

A sustained close above $109,000 would invalidate the immediate bearish bias and could open doors toward $112,000–$115,000, where significant resistance lies. On the other hand, failure to hold above $103,500 might invite another round of selling pressure, potentially dragging BTC toward the $100,000–$101,000 support zone.

For the Weekend

Volatility remains elevated, and liquidity thins out over the weekend, meaning fakeouts and sudden reversals are possible. Traders should focus on levels rather than noise and let confirmation come from structure rather than speculation. Also, we recommend to not trade on weekends. Cut your positions to half while heading into weekend.

Conclusion

While short-term charts hint at a possible bounce, the broader structure still suggests caution. The next few days will likely determine whether $103,500 becomes a durable bottom or just a temporary pause before further downside. For now, discipline, patience, and precise risk management remain the ultimate edge in navigating a market this unpredictable.

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