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Bitcoin price today trades near $89,463 as the market consolidates within a narrowing range. Prediction markets reflect elevated downside expectations, but derivatives data shows shorts getting squeezed, creating a potential setup for a counter-trend move.

The cryptocurrency market is going through significant pullback this October. After rallying early in the month, the total crypto market cap slid roughly 14% from its peak, according to from TradingView, reflecting a sharp reversal in sentiment.

The US Dollar Index (DXY) has fallen significantly this year, down about 10 points. This marks its sharpest six-month drop since 1991, which is often good news for Bitcoin and other cryptocurrencies since digital assets usually serve as a hedge against dollar depreciation.

The crypto market surged significantly last week as Bitcoin achieved a new all-time high while most top altcoins returned massive gains. However, upcoming economic due in the US by early next week could affect the market conditions. Most analysts expect increased volatility in the crypto market to follow the outcome of US economic reports.

Fartcoin (FARTCOIN), a Solana-based meme coin with strong roots in internet humor, has officially made its debut on the Binance.US exchange. The listing, however, was met with significant volatility and selling pressure, as the token’s price dropped over 10% in its first day of trading.

The crypto market is focused on two major token unlock events in the coming days that could trigger significant price volatility for Sui (SUI) and Solana (SOL). A combined total of over $250 million worth of the two Layer-1 tokens is scheduled to be released, putting both assets into substantial price volatility.

Reports of Israeli airstrikes on Iran have triggered a sharp sell-off across the cryptocurrency market, leading to the liquidation of hundreds of millions in long positions. Bitcoin, Ethereum, and XRP bore the brunt of the sell-off, plunging massively in a matter of hours.

An overall selloff has affected the cryptocurrency market, with Layer 2 tokens, gaming projects, and meme coins experiencing sharp drops across multiple timeframes. The correction comes as retreated from its recent high of above $111,000 to current levels around $105,000. This has triggered weakness throughout the altcoin sectors.

Shiba Inu (SHIB) whale dropped 83% in the past 30 days, falling from 8 trillion SHIB to below 2 trillion. Outflows also fell more than 80% in the same period, showing a sharp drop in large holder activity.

After a volatile 24 hours, the Bitcoin price today is hovering near $108,050, struggling to regain footing after a sharp rejection from the $110,950 zone. While the broader trend remains bullish over the month, short-term charts now reflect fatigue as buyers failed to hold the recent highs. The focus has shifted to whether Bitcoin can stabilize above key support zones or if more downside is in store before the next breakout.

Glassnode reported that even though Bitcoin hit a new all-time high, the amount being sold for profit dropped. Bitcoin’s profit-taking at the May 2025 all-time high was only $1 billion, compared to over $2 billion in December 2024. Investors’ behavior is different now, even when the price of Bitcoin goes up.

At Consensus 2025 in Toronto, Cardano’s Charles Hoskinson unveiled a bold initiative to end crypto’s “tribal warfare” by distributing Midnight tokens to an estimated 37 million wallets across eight major blockchains.

CoinGecko’s April 2025 report confirms Binance held the top spot among centralized exchanges (CEXs), with a 38% market share. The report adds that Binance’s spot trading volume declined 18% from March, settling at $482.6 billion. This is the platform’s lowest monthly volume since October 2024, based on the updated CEX market analysis on May 7.