Between October 8 and 10, Bitcoin went through a clear fake pump that slowly turned into the start of a structural downtrend.
On October 8, the price climbed from around 120,500 up to 123,400 after the news about the large 1.19 billion‑dollar ETF inflow. At first, it looked like a normal bullish move, but volume started to fade and open interest dropped from 100K to 92K, showing that real buyers were not supportive and the move was likely a trap.
Later, when Bitcoin touched 121,252, a strong red candle appeared with heavy volume close to 936 million, and open interest jumped to 97K. That moment confirmed the start of new short positions instead of liquidation pressure.
From there the market structure clearly flipped. In the short‑term charts, RSI began to fall and MACD turned negative while price settled under the MA30 line.
Liquidation maps showed most long liquidities stacked below 119,300 to 117,400, which means those areas were the next targets for price to sweep. Meanwhile, the upper zones around 124K–126K lost strength and became lighter, signaling that bullish energy was running out.
By October 10, the price was around 121,736. RSI was near 70, marking a short‑term overbought squeeze, and MACD was barely positive. Open interest remained high around 96K, which confirmed shorts were still active.
Overall, the market was showing a fake recovery phase before a larger drop.
A practical trade setup at that point was short entries in the 121.6K–122.3K zone, targeting first 119K and then around 115.5K.
Across all charts from October 8 to 10, the combination of fading volume, high OI and liquidity distribution supported the bearish continuation.
Simply put, the fake pump phase is over, and Bitcoin now enters the main distribution drop toward the next major support area
On October 8, the price climbed from around 120,500 up to 123,400 after the news about the large 1.19 billion‑dollar ETF inflow. At first, it looked like a normal bullish move, but volume started to fade and open interest dropped from 100K to 92K, showing that real buyers were not supportive and the move was likely a trap.
Later, when Bitcoin touched 121,252, a strong red candle appeared with heavy volume close to 936 million, and open interest jumped to 97K. That moment confirmed the start of new short positions instead of liquidation pressure.
From there the market structure clearly flipped. In the short‑term charts, RSI began to fall and MACD turned negative while price settled under the MA30 line.
Liquidation maps showed most long liquidities stacked below 119,300 to 117,400, which means those areas were the next targets for price to sweep. Meanwhile, the upper zones around 124K–126K lost strength and became lighter, signaling that bullish energy was running out.
By October 10, the price was around 121,736. RSI was near 70, marking a short‑term overbought squeeze, and MACD was barely positive. Open interest remained high around 96K, which confirmed shorts were still active.
Overall, the market was showing a fake recovery phase before a larger drop.
A practical trade setup at that point was short entries in the 121.6K–122.3K zone, targeting first 119K and then around 115.5K.
Across all charts from October 8 to 10, the combination of fading volume, high OI and liquidity distribution supported the bearish continuation.
Simply put, the fake pump phase is over, and Bitcoin now enters the main distribution drop toward the next major support area
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.