Bitcoin price recovered above $115,000

The price of digital gold has recovered from its October 11 decline. The collapse was driven by macroeconomic news, not internal crypto market events, Presto Research analyst Rick Maeda told The Block. 15-minute chart of BTC/USDT on Binance. Source: TradingView.

At the time of writing, Bitcoin's price has risen 3.2% in 24 hours to ~$115,400, according to CoinGecko. Ethereum has risen 9% to ~$4,190.

Maeda believes that the crash was triggered by news of China's export restrictions and the US's retaliatory plans for 100% tariffs on technology imports.

The sell-off coincided with low liquidity over the weekend, which “triggered billions of dollars in forced liquidations,” the expert said.

According to CoinGlass, on October 11, crypto platforms closed the positions of more than 1.6 million traders worth $19.1 billion.

The largest liquidation event in crypto history.

In the past 24 hours, 1,618,240 traders were liquidated, with a total liquidation amount of $19.13 billion.

The actual total is likely much higher — #Binance only reports one liquidation order per second.… pic.twitter.com/tvMCILVgU0

— CoinGlass (@coinglass_com) October 10, 2025

Uptober's Prospects

Analysts are divided over the future prospects of the uptrend known as Uptober.

Vincent Liu, Chief Investment Officer at Kronos Research, believes that risk appetite has returned and the trend “remains alive.” Nassar Achkar, Chief Strategy Officer at CoinW, agrees. He added that traders are monitoring the US inflation report, the Federal Reserve meeting, and the influx of funds into spot ETFs.

LVRG Research Director Nick Ruck noted that the rebound was supported by on-chain data showing whales accumulating Ethereum.

Maeda suggested that the trend had been damaged, although not “derailed.” He believed that the record volume of liquidations could remain a “heavy burden” for market participants, who will now be more sensitive to news about the US-China trade dispute.

As a reminder, the authors of The Kobeissi Letter stated that the cryptocurrency crash will not have long-term fundamental consequences, and that it was caused by a combination of technical factors.