Key control:
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Bitcoin needs a weekly closure above $ 114,000 to avoid deeper correction and reaffirm the bullish force.
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Not having $ 112,000 and a breakdown of the bears flag could activate a drop at $ 103,700.
Bitcoin (BTC) can avoid a “ugly” correction at lower levels if BTC/USD ends the week exceeding $ 114,000, according to merchants and analysts.
Why Bitcoin’s price must claim $ 114,000
Bitcoin Price addresses its third consecutive week of losses, 11% below its historical maximum of August 14, $ 124,500, due to data from Cointelegraph Markets Pro and Commercial view.
Bitcoin fell below the crucial level of $ 114,000, a level that has supported the price during the previous six weeks, as shown in the table below.
Related: Bitcoin’s megaphone pattern is aimed at $ 260k when BTC Price shouts ‘overall’
The BTC price must turn this level in support to confirm the strength of the upward trend, according to Trader and Youtuber Sam Price.
“Bitcoin Bulls defends the $ 109K support very well”, Price saying In an X post on Thursday, adding:
“A weekly closure above $ 114K would be large.”
The long wick below $ 109,000 pointed out “solid purchasing pressure”, suggesting that bulls aggressively defend this support level.
Rekt Capital Analyst saying It was important that Bitcoin claimed $ 114,000 as support to avoid a prolonged correction period.
“Turning $ 114k into a new resistance would prolong the recoil period,” said the analyst in a Thursday publication X, added:
“This has been a downward deviation cycle, so all that is reduced is that Bitcoin Weekly closes above $ 114k per bullish bias.”
Bitcoin Bears wants to reduce the price to $ 103,000
As Cintelegraph reported, Bitcoin’s pricing perspective depended on keeping over $ 112,000.
The similar feelings were shared by the founder of MN Capital, Michael Van de Poppe, who saw Bitcoin quoting $ 112,800 on Thursday and saying That the $ 112,000 support was “crucial” for the price of BTC.
“If Bitcoin cannot be kept above $ 112K, we will probably face a very ugly correction in all areas.”
Bitcoin had dropped below this support until Friday, validating a bear flag in the four -hour table, as shown.
A bear flag suggests a continuation of the bearish impulse, with sellers taking control.
Keep in mind that the price was rejected from the upper limit of the flag, which is around $ 114,000, and has fallen below the lower limit, which coincides with $ 112,000.
The pattern measured movement objective suggests a possible decrease towards $ 103,700, which represents a 6% drop from the current level.
The relative force index remains below the midline, confirming the bearish impulse.
The liquidation data shows groups of offers up to $ 104,000, which suggests that the price of BTC is likely to sink deeper to obtain liquidity at this level.
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.