Bitcoin Price Prediction: BTC Could Retest $113K If Intraday Support Holds

Highlights:

• Bitcoin has established intraday support at $104,445
• Bulls still showing weakness despite the rebound
• Weakness is mainly driven by caution ahead of weekend trading

Bitcoin (BTC) is in the red today, mirroring a relatively bearish day for the cryptocurrency market. At the time of going to press, Bitcoin was trading at $105,730, down by 4.95% in the day. However, trading volumes have shot up in the day, a sharp deviation from yesterday, October 16, when a drop followed a correction in volumes. This is an indicator that holders may be starting to offload their Bitcoin in anticipation of another round of selloffs. 

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It also means that, despite the intraday dip, new investors are not eager to take positions in Bitcoin. They may be anticipating further downside, which could offer even better entry points in the short term. There are a couple of important factors that could be contributing to the weakness in Bitcoin’s price action intraday. 

Trade War Tensions Drive Cautious Approach to Bitcoin Price Short-Term

One of them is that it’s a Friday, which means positions taken now, mainly leveraged ones, could carry over into the weekend. This is risky given that the world is currently in a state of economic uncertainty owing to the trade war. The recent move by President Trump to threaten more tariffs on China, including a threat to ban Chinese cooking oil imports, has added to the uncertainty.

Given the risk of an escalation over the weekend through a social media post from President Trump, the market may be taking a cautious approach. It also explains why volumes indicate that holders are exiting their positions ahead of the weekend.

The careful approach to the market is also evident in the fact that Gold prices have been surging the whole week. Gold usually rallies in times of high uncertainty, and the market is transmitting the same message through Bitcoin’s price action and volume data. 

🚨CHINA TRADE WAR UPDATE: NOT OVER YET!

President Trump: "NO" when asked if China tariffs will stand. I think we'll be fine with China

White House Economic Advisor Hassett says "we're not in a trade war with China."

US Treasury Secretary Bessent and China’s Vice Premier Liu He… pic.twitter.com/JC1y8pBRul

— Tim Warren (@TimWarrenTrades) October 17, 2025

Public Companies Aggressively Buying Bitcoin

However, the long-term fundamentals favor a Bitcoin price rally. For context, Bitcoin is increasingly being adopted by corporations. Recent data from Bitwise shows that publicly listed companies now hold approximately 1.02 million Bitcoin, worth around $117 billion. This represents a 28% increase compared to the previous quarter.

At the same time, data shows that wallets with between one and 1000 Bitcoin have slowed down on selling. This is bullish compared to a while earlier when they were liquidating heavily. This was especially after Bitcoin crossed the $100k mark and saw an exit of some Satoshi-era investors.

Such changing dynamics suggest a scenario where investors are increasingly adopting a long-term view of Bitcoin. This could establish a price floor for Bitcoin above $100k, and trigger a rally to new highs once trade uncertainty begins to ease. 

Corporate treasuries now hold 1.02 million BTC worth $117 billion.

That's nearly 5% of all Bitcoin 👀 pic.twitter.com/RjXISFfxgK

— Byte Federal (@ByteFederal) October 15, 2025

Recent Liquidations Lower Risk of Strong Downside Momentum

The recent market-wide liquidations, which wiped hundreds of billions off the market, could also serve as an anchor for another Bitcoin rally. That’s because without the excessive leverage that dominated the market before October 10, any downside might not be significant. As such, confidence could slowly return and push Bitcoin to new highs in the short to medium term. 

Technical Analysis – Bitcoin Price Bounces Off Intraday Support

Bitcoin has established strong intraday support at $104,445. If bulls sustain this momentum, the key level to watch would be the $113,289 resistance. A rally through this resistance could see Bitcoin hit $120k in the short term.

On the other hand, if bears take control and push Bitcoin through the $104,445 intraday support, then a correction to $100k could follow. Of these two scenarios, the odds are higher for a rally to $113,289. That’s because, although buyers are not strong, there is also no strong selling momentum. As such, a switch in sentiment during the day could send Bitcoin higher going into the weekend. 

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