Bitfinex report: If Bitcoin stabilizes at $110,000, it is expected to return to $117,000 to $120,000

Mars Finance reported on October 13th that Bitfinex released a report stating that last week, Bitcoin prices plummeted from over $126,000 to below $103,310, an 18.1% correction and triggering the largest notional value liquidation event in crypto market history. Ethereum plummeted from $4,750 to $3,500, and several Altcoin plummeted by over 80% in an instant amidst a sharp drop in liquidity. In the three hours leading up to October 10th, approximately $1 trillion in total crypto market capitalization was wiped out, temporarily dropping from an October high of $4.26 trillion to $3.3 trillion. Over $19 billion in positions were liquidated in a single day. The sell-off was triggered by aggressive selling in the spot market, triggered by the escalation of tariff tensions on October 10th, which created a 2.5x imbalance between sell and buy orders on major trading platforms. The decline was exacerbated in the futures market, with the cumulative volume differential indicating an overwhelming dominance of sell orders in both the spot and perpetual swap markets. Historically, such panic sell-offs driven by liquidations are often followed by mechanical rebounds as volatility contracts and excess leverage is eliminated. For Bitcoin, regaining and sustaining above $110,000 would confirm a phase of market stabilization and open up recovery targets between $117,000 and $120,000. Failure to do so could lead to a retest of the $100,000 range. The latest US economic backdrop suggests a widening divide between US policy intentions and their actual impact. Minutes from the Federal Reserve's September meeting revealed deep divisions within the Federal Open Market Committee over the pace and depth of future rate cuts. Most policymakers favor further easing to address slowing job growth, while a minority, concerned about stalling progress in controlling inflation, caution against moving too quickly. Further exacerbating the challenges is heightened economic policy uncertainty stemming from the ongoing US government shutdown, changes in tariff policy, and stricter immigration policies. The shutdown has disrupted key data releases, forcing markets to rely on private indicators that suggest the US economy is cooling but not yet contracting.