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Bitcoin to Retarget the $108,000 range Lows?

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Bitcoin Price Coiling Up — Is a Surge Past $110K
Bitcoin Price Coiling Up — Is a Surge Past $110K

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 penned a part of the letter in which he wrote about his trade. latest market commentary On X.

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

BTC/USDT Chart with Exchange Order-Book Data Source: Skew/X

Material Indicators Trading Resource leveraged proprietary trading instruments to demonstrate repeated tests of nearby supports.

“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 Along with a chart. 

“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

Data by CoinGlass The bids were not very strong, and the asks exceeded $120,000 at this time.

BTC liquidation heatmap. Source: CoinGlass

BTC Price Weakness Returns to Radar $108,000

Roman, an experienced trader who uses longer-term time frames, confirmed the fragile situation Bitcoin is in, despite it recent record highs.

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 has predicted that the local lows of $108,000 may come back into play. already on the radar For October.

Earlier, Cointelegraph reported On a separate study, it was concluded that a BTC bullish price breakout would only occur after October.

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.