In the ever-turbulent crypto world, October 23, 2025, marks a day when Bitcoin finds itself under the microscope once more. Hovering around $108,500 – a gentle slide from the daily candle's open at $109,200 GMT – the market seems to be holding its breath. Is this just a brief pause in an upward trajectory, or the harbinger of a bigger storm? Let's start at the beginning. Bitcoin's trading volume, that vital gauge of market excitement or fear, has hit its lowest since April. This low volume acts like an alarm bell; big investors, the whales, are pulling back, and retail folks are treading carefully. Some analysts warn it could prelude a drop below $100,000, testing key support at $102,000. But hold on, there's always a 'but.' The Fear & Greed Index sits at 26, signaling fear, yet history tells us fear often precedes greed. Macro factors aren't letting up on Bitcoin either. Fresh U.S. sanctions on Russia's oil giants like Rosneft and Lukoil, covering half of Russia's crude exports, have sparked a new wave of instability. China and India, top buyers, now scramble for alternatives like OPEC or U.S. supplies, potentially hiking oil prices. For Bitcoin, reliant on energy for mining, that's higher costs and squeezed margins. The dollar's mild uptick ahead of CPI data pressures risk assets too. Japan's yen weakens further, and diverging central bank policies widen the gaps. Still, a ray of hope shines from the East. Chinese firms are accelerating dollar sales, which could bolster Bitcoin as a haven. In Canada, Mark Carney's promises of 'generational investments' in the November budget – albeit with caveats about 'sacrifices' – might steer capital toward novel assets. Even in the U.S., defense spending surging past $1 trillion in 2026 signals economic stimulus that could amp up risk-taking. But let's dig deeper. Google's quantum breakthrough, reigniting old fears about cracking Bitcoin's encryption, is one of those events that rattles the market. Bitcoin, XRP, SOL, and ADA have all held flat, but this steadiness feels fragile. Crypto's seven-day losing streak, with Bitcoin at $108,500 and Ethereum at $3,800, underscores buyer fatigue. Whales who nailed the October crash are now betting $226 million bearish, countering traders' long positions. You might wonder: Is this the end of the bulls? Not necessarily. Elliott Wave followers say one more dip to $102,000 before the bull market resumes is likely. Forecasts for 2025 remain bullish, averaging $123,000 this fall. If Bitcoin holds above $108,000, the next target is $115,000. Losing that level opens doors to $105,000. On jobs, ADP halting private data feeds to the Fed has left it 'flying blind.' Weak employment figures, down 32,000 in September, hint at recession, keeping rates low – a boon for Bitcoin. Amazon's automation push, replacing half a million jobs with robots, reshapes the economy but could spike unemployment, funneling funds to crypto. The housing market, too, sees lower mortgage rates further dampening demand – paradoxical, yet true. It shows consumers waiting for steeper price drops, heightening risk aversion.