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Bitcoin about to retarget its $108,000 Range?

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Analyst Warns Bitcoin Treasury Strategy Faces 'Far Shorter' Lifespan
Analyst Warns Bitcoin Treasury Strategy Faces 'Far Shorter' Lifespan

The following are key points.

  • Bitcoin is at risk of new lows in October as the sellers take control, and BTC’s price discovery is put on hold.

  • Targets are the lows in the local range at approximately $108,000, amid divergent bearish movements.

  • Daily losses are nearing 3%.

BitcoinBTCAfter Thursday’s Wall Street opening, the. (dollar) index reached new weekly lows as bulls were kept away by sellers.

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

Bitcoin “likely” Shorts are next

Data from Cointelegraph Markets Pro The following are some examples of how to get started: 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 is a well-known trader who wrote a part of the book. latest market commentary On X.

Skew stated that the market has been “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, a trading resource that uses proprietary tools to identify support near you, has also been able to leverage its own proprietary trading tools.

“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

Data from CoinGlass At the time this article was written, bids did not reach the mark of $120,000. Meanwhile, asks increased.

BTC liquidation heatmap. Source: CoinGlass

BTC Price Weakness Returns to Radar $108,000

Roman, an experienced trader who has been a Bitcoin enthusiast for many years, reiterated Bitcoin’s fragile situation, despite recent 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 predicted local range lows as high as $108,000 might come into play at some point. 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.