Jakarta. Bitcoin extended its losing streak on Friday, testing key support around $108,000 (Rp 1.79 billion) as miners unloaded a massive 51,000 BTC worth over $5.5 billion onto exchanges in the past week, according to CryptoQuant data. The sell-off marks the largest miner outflow since July and has rattled traders already unnerved by global risk aversion.

Bitcoin was last trading down 1.5 percent at $108,800, while its market dominance stood at 59.53 percent. The total crypto market capitalization fell 1.8 percent to $3.64 trillion. The leading cryptocurrency briefly plunged to $107,436 on Thursday, deepening concerns that the recent pullback could signal the end of its October rally, which had peaked at an all-time high of $123,199 earlier this month.

“Historically, heavy miner transfers often precede short-term weakness in Bitcoin,” said Panji Yudha, financial expert at Ajaib. “This, combined with global macro pressure, could keep BTC range-bound between $108,000 and $110,000.”

The broader macro backdrop remains hostile for risk assets. President Donald Trump confirmed that the US–China trade war is escalating, with new tariffs and port restrictions from both sides roiling global markets. Beijing retaliated this week with export limits on rare earth minerals, a move seen as a direct response to Washington’s 100 percent import tariff on Chinese goods.

Meanwhile, a US government shutdown has delayed key economic data releases, adding to investor uncertainty. The flight to safety continues as gold prices surged to $4,300, up 23 percent since September, while 2-year US Treasury yields fell to a three-year low, signaling rising demand for security over returns.

According to Upbit Indonesia COO Resna Raniadi, the trade war and tightening liquidity are directly impacting crypto volatility. “Crypto isn’t immune to global shocks. Liquidity crunches and negative sentiment could trigger sharper corrections in the near term,” she said.

Still, Raniadi sees room for recovery: “If geopolitical tensions ease or positive catalysts emerge, a rebound is likely. In volatile markets, disciplined risk management is key.”

Upbit Indonesia advised investors to stay cautious by avoiding excessive leverage, diversifying into stablecoins or fiat, resisting panic selling, and maintaining a long-term outlook.

For now, traders are watching Bitcoin’s $108,000 support zone closely. A decisive break below could open the door to further downside, while a rebound above $110,000 may signal renewed buying momentum. Ethereum, the second-largest cryptocurrency, is expected to trade between $3,900 and $4,200 in the short term.

Add as a preferred source on Google +