Trump Turns Crypto Market Red: What’s Next

Between October 24 and 31, Bitcoin fell 0.84%, erasing early-week gains above $116,000 after four consecutive losing sessions.

Bitcoin (BTC)

Between October 24 and 31, Bitcoin fell 0.84%, erasing early-week gains above $116,000 after four consecutive losing sessions.

The main event driving sentiment was the U.S. Federal Reserve’s rate decision. Chair Jerome Powell announced a cut to 3.75–4%, but the move had already been priced in. Moreover, Powell’s remarks suggesting that another rate cut in December is not guaranteed disappointed investors.

Additional pressure came from Donald Trump’s meeting with Chinese President Xi Jinping. Despite partial trade agreements, the absence of a joint statement after the meeting was seen as a negative signal for global risk assets.

Meanwhile, Bitcoin spot ETFs saw over $600 million in outflows last week, underscoring investor uncertainty.

📊 Technical picture:
BTC trades below the 50-day moving average. The Chaikin oscillator shows a bearish divergence.
Key levels: Support — $103,530, Resistance — $116,381.
Fear & Greed Index: 29 (Fear).

Ethereum (ETH)

Ethereum declined 1.87% over the same period, mirroring Bitcoin’s pattern: early strength followed by a four-day correction.

Despite market turbulence, institutional sentiment remains positive — BitMine added 77,055 ETH (~$300M) to its reserves.
Spot ETH ETFs recorded $114 million in net inflows, breaking a two-week streak of outflows, although the figure remains far below early October levels.

Exchange balances continue to drop below 15.9M ETH, signaling reduced selling pressure.
On October 28, Ethereum developers launched the Fusaka upgrade in the Hoodi testnet, paving the way for its mainnet release on December 3 — an update expected to improve scalability and lower transaction costs.

📊 Technical picture:
ETH trades below the 50-day SMA, but the CMO oscillator crossing above zero hints at potential bullish momentum.
Support: $3,436, Resistance: $4,295.

Solana (SOL)

Solana dropped 3.83%, failing to hold above the key $200 mark.
The main trigger was Jump Crypto’s sale of 1.1M SOL (~$205M) to reallocate funds into Bitcoin. Despite that, sentiment remains bullish: long positions outnumber shorts 5:1.

Two new Solana-based ETFs launched modestly — Bitwise BSOL ($152.9M inflow) and Grayscale GSOL ($2.2M inflow).

On the bright side, Western Union selected the Solana blockchain to issue its new stablecoin USDPT, with Anchorage Digital as custodian — a strong validation of Solana’s infrastructure.

📊 Technical picture:
SOL remains below its 50-day SMA, while volatility continues to decline (falling ATR).
Support: $160, Resistance: $211.5.

Summary

Lack of positive results from the Trump–Xi meeting, combined with hawkish Fed rhetoric and unstable ETF flows, kept crypto markets under pressure.

However, despite the downturn, there was no market crash — only a moderate correction, leaving room for recovery if macro conditions improve in November.

Editor: Yulia Krasnaya

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