Bitcoin trades listlessly at the end of September, trapped in a narrow price range and showing signs that its momentum is waning.
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Reports using CryptoQuant data Axel Adler commented that after the market was unable to maintain a price above $115,000 the traders had been left with a very narrow range of movement. The mood is neither euphoric nor panicked — it is cautious.
Ascending highs: Mounting pressure
The past week Bitcoin Swung from a high local near $115.550 to a low of around $108,400. For the last sessions it settled into an even tighter $108,750–109,740 band. Sellers intervened at lower price highs to prevent the market from moving back up.
Adler says that these descending highs represent a warning sign They show that the buyers are already losing ground. Immediate resistance sits around $111,000–112,000, based on on-chain flows and exchange behavior.
Move past that and bulls could try to retake $114,000–115,400. Fail to defend $108,750 and the path down may quicken toward $106,000–105,000.
Momentum is turning cautious
CryptoQuant’s 30 day momentum index ended the week around -2.0%, a drop of 3 percentage points from its start. The range of momentum readings during this time period was from -6% up to +1%. Only two out seven sessions ended above zero.
Those figures underline how the loss of the $114,000–115,000 support coincided with falling buying pressure. To confirm an uptrend, traders often seek out sustained positive momentum. Adler believes that for a strong recovery, there would have to be a return of at least $112K as well as several days with positive momentum in order to change the trend back to an upward one.
Market Structure: What Does It Mean?
Current pattern shows a consolidation of a previous failed breakout. The market is now in neutral to bearish territory after buyers failed at keeping prices above $115,000
According to reports, the range of the week and the downward momentum make a strong immediate advance without new demand unlikely. There is also no evidence of a large-scale selling. Liquidity remains present near established supports.
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Key Levels To Watch
A decisive push above the $111,000–112,000 resistance band could prompt a test of $114,000–115,400. The $108,600 level remains important. It is important to not break through this level without seeing a quick rebound. This could allow for a more solid support zone between $106,000 and $100,000.
Price action may seem stable, but underlying activity can change.
Chart from TradingView, with Gemini as the featured image
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Source: www.newsbtc.com
