Bitcoin prices are consolidating around $111,000 after significant market losses tied to a trade war between the US and China. The asset has seen a 9.45% weekly decline and is 12.16% below its all-time high during this correction phase.

According to market analyst Ali Martinez, Bitcoin's apparent demand turned negative for the first time in three months on October 11. This measure reflects reduced investor appetite, with a notable drop to -13,707 BTC as of October 8, according to CryptoQuant data.

The macro environment, including US President Donald Trump's tariff plans and China's export tax proposal, has heightened investor caution. Bitcoin is trading at $111,800, showing a 0.47% daily decline.