Bitcoin merchants say the BTC price must have $ 110K to avoid deeper correction

Bitcoin merchants say the BTC price must have $ 110K to avoid deeper correction

Key control:

  • The price of Bitcoin must be maintained above $ 110,000 to avoid further losses.

  • The purchase purchase relationship is due to the levels for the last time in November 2021, when BTC Price reached its cycle peak.

The price of Bitcoin (BTC) saw modest profits on Wednesday, increasing 0.9% in 24 hours to operate by around $ 111,000.

Several analysts said that the next most crucial support was $ 110,000, and the price must keep it to avoid deeper correction.

“BTC is at a level of makeup or broken” saying Swissblock on a Wednesday publication in X.

The private heritage manager said that Bitcoin’s “life support” is at $ 110,000, a Bulls level must maintain to ensure that a bullish trend continues.

“BTC has demonstrated a resilience above $ 100K, but survival above $ 110K will decide whether the trend continues bullish or leans towards structural weakness.”

BTC/USD graph. Source: Swissblock

Bitcoin Alfabtc analyst shared A table that shows that the area between $ 110,000 and $ 112,000 was key to Bitcoin.

According to the analyst, a four -hour candlestick was required above this area so that the BTC price recovers, or a drop at $ 105,000 is likely.

“Until we get a four -hour closure above $ 112K, I follow that $ 105K are at stake, so I will be seeing that level close.”

Bitcoin Price currently has the support of $ 110,000– $ 112,000, which “remains the key battlefield,” said the investor and merchant Crypto Storm, added: he added:

“As long as this area is maintained, a rebound is still possible to the maximums.”

Bitcoin Taker Buy-Sell Ratio Flasshea A “Pico” signal

Unfortunately for the bulls, several bassist signs suggest that BTC can fall below $ 110,000 in the following days or weeks.

The price of Bitcoin has diverted about 11% of its maximum of all time above $ 124,500 reached on August 14, according to Cointelegraph Markets Pro and Commercial view data.

This reduction has kept investors in the rear seat, “reflecting the perception that the market can be excessive,” according to Cryptoquant Gaah analyst.

The Bitcoin-Taker-Buy-Sell-Ratio, a feeling of the metric measurement market, was in -0.945. When the metric is submerged below 1, it indicates that the bears have control of the market, and when the metric is above 1, bulls have control.

Currently, the value of the indicator is below its historical average, which reflects a scenario in which sales have constantly exceeded purchases.

“This points out that, despite Bitcoin’s recent appreciation, the market shows pessimism and caution,” Gaah saying In a quick analysis on Tuesday.

The last time similar levels were observed was at the November 2021, when Bitcoin reached the range of $ 69,000 before entering a prolonged correction period, said the analyst, adding: he added:

“The shopping relationship of Taker reinforces that the market is in an attention zone: the growing sales pressure exposes weaknesses in the bullish price structure that should not be ignored!”

0198ea97 6793 7866 a34e 5c0fb4202031
Bitcoin Taker Buy-Sell Ratio. Source: Cryptoquant

Meanwhile, the decrease in network activity, evidenced by a 13% drop in the monthly average of the transfer volume adjusted by changes to $ 23.2 billion of $ 26.7 billion, reinforced the bearish case for Bitcoin, for glass.

The market intelligence firm saying:

“A break below the annual average of $ 21.6B would confirm weakening the speculative activity and indicate a broader contraction in the demand of the chain.”

0198ea97 6c54 701b b33c d971a5a873aa
Bitcoin: impulse of the transfer volume. Source: Glassnode

However, as Cointelegraph reported, several bullish signs remain. A positive coinbase cousin and the return of positive flows in Bitcoin Spot ETFs have increased the hopes of a btc market bounce.

This article does not contain advice or investment recommendations. Each investment and trade movement implies risk, and readers must carry out their own investigation by making a decision.