‘Ignoring Bitcoin for 17 Years Is the Spookiest Thing,’ Says Metaplanet’s Phil Geiger

According to CoinDesk Research’s technical analysis data model, bitcoin BTC$109,411.70 slid to support, snapped back into resistance, and then settled in a tight range as activity increased around key levels.

Technical analysis highlights

• Path and range: The trade spanned around $4,296, with the price probably a $106,391 low and then testing $110,700 before easing.
• Selling Wave: The first lower leg saw 19,395 BTC change hands, described as 78% above typical activity for that phase.
• Rebound impulse: A V-shaped recovery emerges from the bottom; a 954 BTC burst helped drive the price through a ceiling near $110,500 before profiting again.
• Biggest boss: The model notes four rejections from $117,500 since August, marking a durable ceiling.

What do the patterns mean?

• Active buyers at the shelf: Repeated responses near $106,400 indicate demand, but above supply continues to press on bounces.
• Two-way interest: Accumulation near support has gathered steady selling in strength, keeping trading limited.
• Behavior of the range: The rebound did not reach above the upper band, leaving the price action at the range-bound while the positions reset.

Support and resistance map

• Support: $106,400 first, then $103,000 as a deeper demand area.
• Resistance: $110,700 to $114,500 as the short-term cluster.
• Biggest Head: $117,500 remains the level the pattern has repeatedly signaled since August.

volume printing

• Initial sale: 19,395 BTC on the first stage, about 78% above average for that window.
• Rebound burst: 954 BTC on the push through a near ceiling, consistent with aggressive dip buying.
• After the test: Activity cooled like compressed trading in a narrow band.

Targets and framing risks

• If buyers press: A clean break above the cluster of $110,700 to $114,500 turns attention to the cap of $117,500 and, if cleared, the extension of the pattern from $120,000 to $123,000.
• If the sellers gain control: A loss of $106,400 exposes $103,000; the model also lists a measured risk-move towards $ 94,000 to $ 88,000 if compounded weakness.
• Tactical takeaway: With bidirectional flows and a narrower band, many traders are looking for a decisive breakout outside the current range before pushing harder.

Context CoinDesk 5 Index (CD5).

CD5 rose from $1,893.76 to $1,920.74, a total swing of 3.04% over the session. A breakout occurred around 4 am UTC at $1,924.98, with the index holding higher lows above the $1,920 threshold.

Community reaction on X

Halloween 2025 coincided with the 17th anniversary of the release of Satoshi Nakamoto. Bitcoin white paperand the defenders weigh in.

The Bitcoin Policy Institute I urged people do not “fear the ghosts of fiat”, framing bitcoin as an alternative to a failing system.

Phil Geiger of Metaplanet called ignoring bitcoin “the spookiest thing”, a nod to the themes of long-term adoption.

Bitcoin Magazine published a Halloween price history showing bitcoin at $204 in 2013, $6,317 in 2018, $61,318 in 2021, $20,495 in 2022, $70,215 in 2024 and $110,300 in 2025, highlighting the long-term rhythms and HO, with DL closings of long duration

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.