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Bitcoin price targets include a return to take $110,000 liquidity

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Bitcoin Faces Resistance as Bearish Divergences Emerge
Bitcoin Faces Resistance as Bearish Divergences Emerge

The following are key points.

  • Bitcoin does not close at $117.200. This opens the door for support to retest.

  • The expiration of options worth $4.9 trillion on Friday is a major event that will cause further volatility for Bitcoin bulls.

  • The order-book shows that bids are accumulating at or above $110,000, a level which creates a mass of buyers. “magnet” Price.

BitcoinBTC() failed to close the daily market on Friday, as traders were expecting BTC prices to fall in short term.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Bitcoin adds headwinds after daily close miss

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD just narrowly missed a close daily above $117.200.

It was one of my favorites. key lines in the sand on short timeframes — a reclaim would allow price to revisit $120,000, analysis said.

“Once we gain this level the way to $120K is open in my opinion,” Crypto Caesar, a popular online trader, wrote on Thursday that he was able to make a profit. X post On the topic, you will find an informative chart. 

“However: Last time we rejected this level and came all the way back to the light blue zone.”

BTC/USDT one-day chart. Source: Crypto Caesar/X

Ted Pillows, a crypto investor and entrepreneur, predicted that the downward pressure on BTC prices would continue through this week’s option expiry.

“$BTC failed to reclaim the $117,200 level again. Today, $4.9 trillion in US stock futures and options will expire,” He told X Followers 

“Historically, this has resulted in downside volatility and consolidation in the stock market. And because the crypto market follows US stocks, volatility will shift into Bitcoin and alts too. Be prepared.”

BTC/USDT one-day chart. Source: Ted PIllows/X

Bids from traders create a $113,000 BTC value “magnet”

Another argument in support of lower levels focuses on the exchange order book liquidity.

Related: Bitcoin price $150K target comes as analyst sees weeks to all-time highs

TheKingfisher, a trading resource that updates X subscribers, noted the majority of liquidity is now below price. There was particular interest in the region between $110,000-$113,000.

Glassnode, a platform for chain analytics, agreed with this statement and noted changes in the order book composition following Wednesday’s Federal Reserve Meeting.

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“Post FOMC, we can see that $BTC shorts at 117k were taken out, and long liquidations are appearing at 112.7k,” Glassnode summarized.

BTC liquidation heatmap. Source: Glassnode/X

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.