Bitcoin recovers to $111,400 amid optimism over Trump–Xi APEC meeting

Risk appetite returned after U.S. President Donald Trump confirmed plans for a personal meeting with China’s President Xi Jinping at the APEC summit in Seoul on October 31. Against this backdrop, BTC/USD rose to the 111,400.00 area.

Prices also drew support from the intention of Japan’s Financial Services Agency (FSA) to review rules that may allow banks to acquire and hold cryptocurrencies for investment purposes. If implemented, this would be a significant easing for domestic financial institutions, which are currently effectively barred from holding digital assets due to high volatility risks.

Despite the positive news, the latest advance in BTC/USD does not look sustainable: most investors remain cautious, and the Fear & Greed Index is still at “29.”

Support and Resistance Levels

The instrument remains in a medium-term descending channel but is pushing toward its upper boundary. A breakout above 112,500.00 (Murray level [4/8], 23.6% Fibonacci retracement) would let price leave the channel and extend the rise toward 115,625.00 (Murray level [5/8], middle Bollinger Band), 118,750.00 (Murray level [6/8]) and 125,000.00 (Murray level [8/8]). For bears, the key level is 106,250.00 (Murray level [2/8]); a firm move below it would open the way toward 100,000.00 (Murray level [0/8], 50.0% Fibonacci retracement).

Technical indicators are mixed: Bollinger Bands are turning down, Stochastic is turning up, while MACD remains stable in negative territory.

Resistance levels: 112,500.00, 115,625.00, 118,750.00, 125,000.00.

Support levels: 106,250.00, 100,000.00.

Trading Scenarios and Bitcoin Price Outlook

Short positions are advisable below 106,250.00 with a target at 100,000.00 and a stop-loss at 111,300.00. Implementation horizon: 5–7 days.

Long positions can be considered above 112,500.00 with targets at 115,625.00, 118,750.00, 125,000.00 and a stop-loss at 110,000.00.