- Bitcoin is trading around 109,000 and traders are keen on 112,000 as a major resistance that might hit a break out and cause the coin to pick up once again.
- The support of $107,000 is also important because a drop below this section may drive Bitcoin to the area of 101,000, which will put pressure on the market to the downside.
- The market sentiment indicates the consolidation, which is unlikely to change, with Bitcoin experiencing the losses of -5.71% and -0.47% per week and day, respectively.
Bitcoin is currently trading near $109,000, showing limited movement as traders await confirmation of direction at key resistance and support levels.
Resistance at $112K Defines Bullish Potential
Market analyst Ted noted that Bitcoin remains in consolidation near $109,000, with $112,000 serving as a decisive resistance zone. He explained that a reclaim of this level could mark the start of a renewed uptrend. The $112,000 area has acted as resistance multiple times, limiting upward momentum in recent sessions.
If Bitcoin pushes above $112,000, buying momentum may strengthen, targeting the next resistance at $117,000. This zone could then open the path toward the all-time highs around $123,000. Market participants see this level as a threshold that bulls must reclaim to confirm control. A break above resistance could encourage traders to add exposure in anticipation of further upside.
Cas Abbé added that Bitcoin’s net-taker volume has peaked, which signals selling exhaustion. He emphasized that spot demand and a move beyond $112,000 are essential for any sustained rally. This condition suggests that buyers need to step in aggressively for a breakout to succeed.
$107K Support Holds Key to Downside Pressure
Ted also pointed to $107,000 as the crucial support level for Bitcoin. This area has previously attracted buyers, helping to stabilize the market during sell-offs. A breakdown below this level would expose Bitcoin to further downside.
If the price closes below $107,000, the market may extend its correction toward the next support zone near $101,000. This decline would indicate weakness and could trigger additional selling pressure. Traders regard this level as the point where bears would gain the upper hand.
The current consolidation period signifies indecision, with buyers and sellers in equilibrium. A loss of $107,000 would shift sentiment quickly, prompting traders to adopt defensive positions. It remains essential to monitor support levels as the market trades within a tight range.
Market Sentiment and Short-Term Outlook
Bitcoin is priced at $109,459 as of this writing, with a daily trading volume of $27 billion. The asset has recorded a -0.47% decline over the last 24 hours. Over the past seven days, Bitcoin has fallen by -5.71%, reflecting the cautious sentiment among traders.
The lateral drift at around $109,000 shows subdued volatility to the close of the week. Players expect quiet price action unless either $112,000 or $107,000 is breached. Bulls and bears are determined at these critical levels to set the next short-term trend.
As Ted recapitated, bulls must rebuild resistance to sustain momentum, while the bears will attempt to drive support. Price action at these levels will determine if Bitcoin is to keep rising or extend its correction. The range is closely monitored by traders as the market consolidates.
