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Bitcoin traders claim that the price of BTC must remain above $110k to prevent a deeper correction

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Bitcoin Price Resumes Upward Move — Can It Break New
Bitcoin Price Resumes Upward Move — Can It Break New

The key takeaways

  • Bitcoin must remain above $110,000 in order to prevent further declines.

  • The Taker Buy-Sell Ratio has fallen to the levels that were last observed in November 20,21, at which time BTC’s price peaked.

Bitcoin’s (BTCPrice saw modest gains Wednesday with a 0.9% increase in just 24 hours.

According to several analysts, the second most popular choice for next-generation smartphones is expected to be iPhone. crucial support remains $110,000Price must remain stable to prevent a further correction.

“BTC is at a make-or-break level,” said Swissblock is featured in a post published on X every Wednesday. 

Bitcoins are a private asset, according to the wealth manager. “lifeline support” Bulls need to hold the $110,000 level in order for this bullish trend to continue.

“BTC has proven resilience above $100K, but survival above $110K will decide if the trend continues bullish or tips into structural weakness.”

BTC/USD chart. Swissblock is the source of this BTC/USD chart.

AlphaBTC, a Bitcoin expert. shared Chart showing the critical area of Bitcoin between $110,000-$112,000.

The analyst said that the BTC high price would rebound if the candlestick closed above this zone. If not, it is possible for the BTC to drop down to $105,000. 

“Until we get a four-hour close above $112K, I still feel $105K is in play, so I will be watching that level closely.”

Bitcoin price is currently holding the $110,000–$112,000 support, which “remains the key battleground,” Crypto Storm is an investor and trader who added:

“As long as this zone holds, a rebound toward the highs is still possible.”

The ratio of Bitcoin buyers to sellers flashes. “peak” “

BTC is likely to fall under $110,000 over the coming days and weeks, despite several signs that are bearish.

Bitcoins’ price is down by about 11%. its all-time high above $124,500 Per August 14, Cointelegraph Markets Pro You can also find out more about the following: TradingView data. 

Investors have been unable to get a grip on this situation. “reflecting a perception that the market may be overextended,” Gaah is a CryptoQuant Analyst.

The Bitcoin Taker-Buy-Sell-Ratio, a metric gauging market sentiment, was at -0.945. The metric indicates when it dips below 1 that the bears control the market. When the metric rises above 1, then the bulls control the market.

The indicator value currently is lower than its average historical value, indicating that sales are consistently higher than purchases. 

“This signals that, despite Bitcoin’s recent appreciation, the market is showing pessimism and caution,” Gaah said In a quick take on Tuesday.

According to the analyst, Bitcoin’s peak in November of 2021 was when it reached a range of $69,000, before it entered a period of prolonged correction. 

“Taker Buy Sell Ratio reinforces that the market is in a zone of attention: growing selling pressure exposes weaknesses in the bullish price structure that should not be ignored!”

Source: Bitcoin Taker Buy-Sell Ratio Source: CryptoQuant

Glassnode reports that the declining activity of the network, as evidenced by the 13% decline in monthly average change-adjusted volume transfer to $23.2 Billion from $26.7 Billion, strengthens the case against Bitcoin.

Market intelligence is a firm that provides market information. said:

“A break below the yearly average of $21.6B would confirm weakening speculative activity and signal a broader contraction in onchain demand.”

Bitcoin: Transfer Volume Momentum. Source: Glassnode

Cointelegraph reported, several bullish signs remain. Positive Coinbase Premium, and the return of positive flows into spot Bitcoin ETFs There are growing hopes for a BTC rebound.

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.