A crypto selloff triggered by macro tensions wiped out $19.37 billion in leveraged trades in just 24 hours. However, now that the storm has passed and the chips have fallen where they did, let’s look at how the two biggest cryptocurrencies are faring at the moment.

But first, a precursor. On 10 October, 2025, US President Trump announced his trade war against China in a response to China restricting rate earth mineral exports.

(Source: CoinGecko)

He said, “Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying.”

Additionally, he announced export control of critical software, that drove the speculation of a full blown tariff war between the two countries, crashing the crypto market.

dropped to $107,468 on Friday, before bouncing back to close at $114,559 down nearly 6% for the day. The price action saw a brief uptick and touched $110,000 again, before slipping by 1.82% on Saturday to end at $112,69.

For now, BTC is trading below its 50-day EMA, but has maintained its position above the 200 EMA, signaling a bearish short-term but the long-term bullish sentiment is intact.

Source: TradingView

If it breaches through $115,000 it would bring its 50-day EMA into play. If it manages to hold and sustain above that level, it is possible for BTC’s price to move towards the $125,761 level.

On the flipside, if BTC falls below $110k, the next major support is at $100,000.

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Panic liquidations saw ETH price slip briefly to around $3,500. Since then however, ETH has bounced back to reclaim the support level at $3,825. It is currently trading at .

A whale shorted $600 million in Bitcoin and $300 million in ETH, contributing to nearly $19 billion in a crypto selloff, one of the biggest in recent history.

Analysis Donald Dean noted that $3,825 is now the key short-term support level. However, this depends as macro developments could lead to more downsides the coming week.

Despite the recent shakedown, ETH’s technical setup is still promising. Dean pointed out to a bull flag pattern forming on the daily chart, which signals a potential rebound if ETH maintains about $3,875.

If the support holds, ETH can potentially target resistance levels between $4,500 and 5,766. On the flipside, a drop below $3,500 could lead to deeper support zones.

(Source: TradingView)

Market analyst Alex Wacy stated that the recent shakedown has cleared excess leverage and weak hands, setting the stage for a strong rally and that ETH could reach a new ATH in the coming weeks.

According to Wacy, ETH could reach somewhere between $4,300 and $5,175 in October and around $12000 in the long term by late 2025.

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Read original story Can BTC And ETH Rebound After A $19B Liquidation Storm? by Arijit Mukherjee at 99bitcoins.com