CEX Report: Bitcoin is expected to return to 117,000 to 120,000 if it holds above 110,000.

On October 13, CEX released a report indicating that last week the price of Bitcoin plummeted from over $126,000 to below $103,310, recording an 18.1% pullback and triggering the largest liquidation event in the history of the crypto market calculated by notional value. Ethereum fell from $4,750 to $3,500, while various alts instantaneously dropped more than 80% amid a sudden reduction in liquidity. As of October 10, within three hours, approximately $1 trillion of the total market capitalization of the entire crypto market was wiped out, with total market capitalization temporarily dropping from the October peak of $4.26 trillion to $3.3 trillion, and the total liquidation positions exceeding $19 billion in a single day. This dumping was triggered by aggressive sell orders in the spot market, where tariff tensions escalated on October 10, causing a 2.5 times imbalance between sell and buy orders on major trading platforms. The futures market exacerbated the decline, with cumulative trading volume differentials showing that sell orders dominated overwhelmingly in both the spot and Perpetual Futures markets. Historically, such panic selling driven by liquidation typically leads to a mechanical rebound, as volatility contracts and excessive leverage is cleared. For Bitcoin, holding above and maintaining above $110,000 will confirm that the market has entered a stabilization phase and open recovery targets of $117,000–$120,000; if it fails to hold, it may retest the $100,000 range. The latest economic backdrop in the U.S. indicates that the gap between U.S. policy intent and actual impact is widening. The Fed's September meeting minutes indicate profound differences within the Federal Open Market Committee regarding the pace and magnitude of future rate cuts. Most policymakers lean toward further easing to address slowing job growth, while a minority are concerned about stagnation in inflation control progress and caution against acting too quickly. Further complicating the challenges is the rising uncertainty in economic policy, driven by factors including the ongoing U.S. government shutdown, tariff policy changes, and stricter immigration policies. The shutdown has led to interruptions in the release of key data, forcing the market to rely on economic trends indicated by private metrics: the U.S. economy is cooling but has yet to contract.