Crypto News Today 23/10: Bitcoin at Risk of $100K Retest as Altcoin Rallies Fade

Bitcoin’s price remains at a critical crossroads this week, as bulls struggle to defend the $107,000 support level — a breakdown that could open the path to the psychological $100,000 zone. Meanwhile, most major altcoins have lost their recovery momentum, showing that sellers continue to sell into small rallies rather than accumulate.Bitcoin Bulls Struggle to Hold $107K SupportBitcoin (BTC) is once again testing a key demand zone after a volatile week in which traders tried to regain control following the October 10 sell-off. As of Oct. 22, BTC traded near $108,791, holding marginally above the crucial $107,000 level.Bulls have repeatedly attempted to stabilize Bitcoin above this support, but each rebound has faced immediate selling near the 50-day simple moving average (SMA) around $114,137. A decisive close below $107,000 could signal the next leg lower toward $100,000, a level that many traders see as both psychological and technically significant.If buyers successfully defend $107,000 and push for a sustained recovery, the first sign of strength will be a daily close above $116,000. Such a move would confirm that short-term consolidation may continue within the broader range of $107,000 to $126,000 before a potential trend resumption.Analysts remain split. Standard Chartered’s Geoff Kendrick told Cointelegraph he still expects Bitcoin to reach $200,000 by end-2025, viewing the recent correction as a healthy accumulation phase. In contrast, veteran trader Peter Brandt warned that Bitcoin’s current chart resembles the 1970s soybean market, which crashed 50% after forming a broadening top — a pattern he says is “famous for market peaks.”Ether Turns Lower as Channel Pressure MountsEther (ETH) failed to hold above its 20-day exponential moving average (EMA) at $4,062, signaling continued resistance on small rebounds. The rejection suggests that short-term traders remain cautious, using every recovery as an opportunity to sell rather than accumulate.ETH now sits close to the lower boundary of its descending channel. A decisive break below this trendline could accelerate losses toward $3,350, while a rebound above the moving averages may signal stabilization inside the channel.If buyers manage to push the price back above $4,100, it would suggest renewed strength and open the door for a retest of the channel’s upper boundary.BNB Faces Tight Range as Momentum FadesBNB has been trading in a narrow band between its 20-day EMA ($1,122) and 50-day SMA ($1,041) since Friday, reflecting indecision among traders. This range typically precedes a sharp directional move.Technical signals slightly favor the bears, as the 20-day EMA slopes downward and the Relative Strength Index (RSI) remains in negative territory. A close below $1,041 would mark the beginning of a new downtrend toward $932, while reclaiming the 20-day EMA could trigger a relief rally toward the $1,198 Fibonacci retracement level.XRP Rejection Confirms Bearish ControlXRP’s attempt to rebound from $2.30 stalled near the 20-day EMA ($2.55) on Tuesday, confirming that bears continue to sell into strength.A break below $2.19 would likely intensify the correction, dragging the price to $2.06 and then $1.90.To regain control, buyers must push XRP above $2.79 (the 50-day SMA), paving the way toward the descending resistance line. A close above that line could end the ongoing correction and revive bullish momentum, targeting $3.38 in the medium term.Solana Tests Lower Channel SupportSolana (SOL) remains under pressure after another rejection from the 20-day EMA ($198). Sellers appear determined to defend that level, preventing a bullish reversal.If the descending channel support fails, SOL could slide toward $155, or even $145, before buyers step in.Conversely, a bounce off the support line followed by a breakout above $198 would indicate the return of bullish sentiment, suggesting that the pair may stay within its channel for some time before attempting a breakout.Dogecoin Risks Deeper Pullback Below $0.18Dogecoin (DOGE) has been unable to rise above its 20-day EMA ($0.21), implying that selling pressure persists. If the $0.18 support fails, the DOGE/USDT pair could decline to $0.16 and eventually $0.14.If bulls can reclaim $0.21, it would signal fading bearish momentum and set up a potential climb to the 50-day SMA ($0.23) and then to the stronger resistance near $0.29.Cardano Faces Test at $0.59 SupportCardano (ADA) continues to trade weakly, with its latest rebound attempt failing to reach the 20-day EMA ($0.70). That lack of demand highlights a bearish undertone in the market.If ADA closes below $0.59, the next key support sits at $0.50, where bulls are likely to make a strong stand. A breakdown below $0.50, however, could trigger an extended decline toward $0.40.Bulls need to reclaim $0.75 to invalidate the bearish setup and shift the short-term outlook back to neutral.Chainlink Approaches Key Support ZoneChainlink (LINK) dropped toward the support line of its descending channel after failing to hold above the 20-day EMA ($19.02).Repeated retests of a support level tend to weaken it — and if $15.43 gives way, LINK could drop sharply to $12.73.On the other hand, a rebound from the current level and close above the 20-day EMA would suggest accumulation and could push LINK toward the upper channel resistance.Stellar Loses Momentum as $0.29 Support NearsStellar (XLM) stalled near the 20-day EMA ($0.34), showing the same pattern of fading rallies seen across the altcoin market.A breakdown below $0.29 would open the path to $0.25, extending the correction. If bulls reclaim $0.34, XLM could attempt a move toward the descending trendline — a breakout above which would indicate a possible trend reversal.Bears Dominate, but Long-Term Bulls Hold FirmDespite the broad weakness, long-term analysts remain divided on Bitcoin’s trajectory.Standard Chartered’s Geoff Kendrick believes institutional inflows and spot ETF demand will propel BTC toward $200,000 by the end of next year.Meanwhile, Peter Brandt warns that Bitcoin’s broadening top formation could mimic the commodity cycles of the 1970s, potentially cutting prices in half before the next major rally.For now, traders are watching $107,000 as Bitcoin’s line in the sand — a decisive close below could invite deeper selling, while holding above it may set the stage for the next phase of accumulation, according to Cointelegraph.