'Do Not Fear Ghosts of Fiat,' Says Bitcoin Policy Institute, as Bears Lurk at Resistance

Why It Matters

The price action underscores a pivotal moment for Bitcoin, where a decisive breakout could trigger a sizable rally or a sharp correction, influencing trader positioning and broader crypto market sentiment.

Summary

Bitcoin hovered near $109,400 on Oct 31, 2025, rebounding from a $106,400 support floor to a $110,700‑$114,500 resistance cluster before settling into a tighter range as volume cooled. The CoinDesk technical model recorded a high‑volume sell‑off of 19,395 BTC, a V‑shaped rebound of 954 BTC, and four rejections at the $117,500 ceiling since August. A clean break above the upper band could open a path to $120,000‑$123,000, while a slip below $106,400 may expose $103,000 and, in a worst‑case scenario, $94,000‑$88,000. Market commentary highlighted the Bitcoin Policy Institute’s call to view Bitcoin as an alternative to fiat amid the technical stalemate.