Bitcoin Drops Below Key $108K Support Amid ETF Outflows and Market Uncertainty

Bitcoin is currently experiencing significant volatility and downward pressure, with its price hovering around $108,000 after failing to maintain key support levels amid a broader crypto market selloff triggered by geopolitical tensions and macroeconomic uncertainties. Institutional demand has notably cooled, highlighted by substantial outflows from US-based spot Bitcoin ETFs, further exacerbating a fragile demand outlook. Despite early October's bullish momentum, dubbed "Uptober," Bitcoin and major altcoins like Ethereum have largely slipped, challenging historical seasonal optimism and signaling a protracted consolidation period. Analysts express mixed views on Bitcoin's trajectory, with some predicting a possible price surge before year-end, while others caution that ongoing macro risks and weak institutional buying could prolong the downturn. The market's current dynamics reflect a shift towards a more stable price regime underpinned by institutional investors, but recovery hinges on renewed fund inflows, eased geopolitical tensions, and restored investor confidence. Overall, the crypto market's future remains uncertain as it navigates these complex, interrelated factors.