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Bitcoin about to retarget its $108,000 range lows?

Bitcoin By
TD9 Setup On Bitcoin Price Chart Suggests It Could Take
TD9 Setup On Bitcoin Price Chart Suggests It Could Take

The following are key points.

  • Bitcoin could fall to new October lows, as BTC prices are put on hold and sellers gain control.

  • Targets are local range lows, which is about $108,000 in the face of bearish divergences.

  • The daily loss is nearing 3 %.

BitcoinBTCThe NASDAQ Composite Index (NASDAQ) reached near-weekly lows following Thursday’s Wall Street Open as buyers kept bulls from price discovery.

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

Bitcoin “likely” Next, shorts will take over

The Data of Cointelegraph Markets Pro You can also find out more about the following: TradingView showed BTC/USD dipping below $120,000.

The pair, which was down nearly 3% for the day on order book exchanges, continued to eat away at liquidity.

“Market does still quote bid liquidity around $121K-$120K but what we need to see next is absorption of sellers to rule out a sweep lower,” Skew arranged for a part of the trader’s letter to be published. latest market commentary On X.

Skew said that the market is “quite likely to be dominated by new shorts opening” Short-term:

BTC/USDT charts with order book data. Source: Skew/X

Material Indicators, a trading resource that uses proprietary tools, subsequently leveraged these to show repeated testing of nearby support.

“Now we are facing a 3rd consecutive Daily support test at the trend line,” It is a good idea to get a hold of someone else. summarized Alongside an accompanying diagram. 

“Losing the trend line would open the door to a support test at the Q4 Timescape Level at $114k.”

BTC/USD one-day chart. Source: Material Indicators/X

This data is from CoinGlass At the time of this writing, bids did not reach much above $120,000. However, asks increased.

BTC liquidation heatmap. Source: CoinGlass

BTC prices fall, $108,000 returns to radar

Roman, who is a trader, reiterated that Bitcoin’s current situation, despite recent highs, remains fragile.

Related: BTC October price breakout odds low: 5 things to know in Bitcoin this week

“A friendly reminder that we are once again printing more bearish divergences, low volume, & lack of momentum on HTF. Both 1W & 1M,” He told X Followers

Roman predicted local range lows as high as $108,000 might come back in play. already on the radar For October.

Earlier, Cointelegraph reported According to a different analysis, a BTC breakout was only seen after October.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.