Market Overview - Bitcoin's price dropped to approximately $107,000, reflecting a broader market downturn, with a decline of roughly 5 percent in October, marking its first loss during the traditionally bullish "Uptober" month since 2018 [1][5] - Despite the recent drop, Bitcoin remains significantly higher compared to its level at the start of the year [1][5] Cryptocurrency Price Dynamics - The recent trade agreement between the US and China had minimal impact on cryptocurrency price growth, with Bitcoin's price on Coinbase falling below the global market average, resulting in a negative Coinbase premium [2][5] - A negative premium indicates weak market demand and increased selling pressure on Bitcoin, a trend historically associated with sustained periods of market weakness [3][5] Investor Sentiment and Economic Indicators - Investors are exercising caution ahead of the US jobs report, which is anticipated to show slower hiring while keeping unemployment steady [3][5] - Bitcoin's struggle to break the key $113,000 level signals weakening demand and potential for further declines, with the upcoming jobs report expected to shape market sentiment and guide expectations for rate cuts [5] Economic Context - During a meeting in Busan, US President Donald Trump and Chinese President Xi Jinping agreed to reduce US tariffs on Chinese goods from about 57 percent to roughly 47 percent, in exchange for China pausing new export controls on rare earths and resuming purchases of American goods [5]

🔥 LATEST: Just like in April, selling pressure in derivatives has eased, signaling renewed bullish momentum for Bitcoin. https://t.co/WbJBclAfGa ...

🚨 LATEST: Bitcoin exchange netflows hit a 3-year low, signaling strong holder conviction and reduced selling pressure. https://t.co/3iQc61fjCG ...

Bitcoin whales sold heavily in September, keeping price action muted.Selling pressure is now easing, just in time for Uptober. 🎃📈 https://t.co/QEHqzcBvQ0 ...

⚠️ 6–12M #BTC from mid-term holders entering the market.Selling pressure rises as profits are taken 🔄Note: distribution phases often precede strong market resets and new growth opportunities. 📈 ...