Bitcoin Bull-Bear Structure Index Turns Positive for the First Time Since October 12 – Sentiment Shifts
October 29, 2025
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The price of Bitcoin (BTC) continues to hover around the $114,000 mark as investor sentiment swings between optimism and caution.
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According to Standard Chartered’s head of digital asset research Geoffrey Kendrick, the recent developments may mark a transformative phase for Bitcoin, one where its six-figure price zone becomes a lasting support level rather than a fleeting milestone.
Macro Tailwinds Drive Market Mood
Kendrick points to a rebound in global risk appetite after recent signs of détente between the United States and China.
Discussions around delayed rare-earth export restrictions and increased U.S. agricultural purchases by China have eased trade tensions ahead of the high-level summit between President Donald Trump and President Xi Jinping.
Kendrick notes that this shift in geopolitics has helped restore confidence in risk assets, including Bitcoin, and may be influencing the recent uptick in the Bitcoin-to-gold ratio, a key sentiment indicator for crypto markets.
In parallel, expectations of a potential interest-rate cut by the Fed and the possibility of the bank pausing its quantitative-tightening programme have also lifted hopes of increased liquidity, further favouring risk-on trades. Analysts suggest that if the Fed pivots, it could serve as a boost for Bitcoin’s structural up-trend.
Spot Bitcoin ETF Flows Could Cement the New Floor
Beyond macro trends, Standard Chartered emphasises the growing role of institutional flows into spot Bitcoin ETFs. The believe that over $2 billion recently exited gold-backed ETFs, and argues that even half of those funds shifting into BTC products would represent a major structural change in capital allocation.
This matters because it signals a shift away from the traditional narrative that Bitcoin’s price moves are primarily driven by its miner-reward “halving” events.
Instead, large-scale adoption and institutional investment now appear to be the dominant drivers of the market. If this momentum persists, Kendrick asserts that Bitcoin may be entering a new phase where dropping below $100,000 becomes unlikely.
BTC's price trends to the upside on the daily chart. Source: BTCUSD on Tradingview
Bottom Line
At present, Bitcoin remains within a consolidation range near $112,000–114,000, with technicals pointing to a tightening in volatility and potential for a breakout once macro catalysts settle.
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If Bitcoin can hold above this cluster and institutional flows continue unabated, the $100,000 level may no longer be just a psychological barrier, it could become the de facto floor. Traders and investors will be watching closely in the days ahead for confirmation of these trends.
Cover image from ChatGPT, BTCUSD chart from Tradingview
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