Key Points:
Bitcoin's price needs to stay above $110,000 to avoid further losses.
The buy-sell ratio indicator has dropped to levels seen in November 2021, when BTC price reached its cycle peak.
Bitcoin (BTC) price rose slightly on Wednesday, increasing by 0.9% in 24 hours to about $111,000.
Multiple analysts pointed out that $110,000 remains the most critical support level; if it falls below this, the price may face a larger correction.
Swissblock stated on the X platform on Wednesday: "BTC is at a critical juncture."
This private wealth management firm indicated that Bitcoin's "key support level" is at $110,000, and bulls must hold this level to ensure the continuation of the upward trend.
A chart released by well-known Bitcoin analyst AlphaBTC shows that the $110,000 to $112,000 range is crucial for Bitcoin.
The analyst believes that only if the four-hour candlestick closes above this range can BTC price be expected to rebound; otherwise, the price may drop to $105,000.
📈#Bitcoin game plan 📈Lower time frame view as $BTC attempts to break back out of the June / July range. For me, until we get a H4 close above 112K I still feel 105K is in play, so I will be watching that level closely. #Crypto #BTC https://t.co/pUUFtwwVDX pic.twitter.com/vCfRVF7s5s
Investor and trader Crypto Storm stated that Bitcoin's price is currently holding the support range of $110,000 to $112,000, which "remains a key battleground." He added:
For bulls, the downside is that multiple bearish signals indicate BTC may fall below $110,000 in the coming days or weeks.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin's price has fallen about 11% from the historical high of $124,500 set on August 14.
CryptoQuant analyst Gaah noted that this pullback has led investors to adopt a wait-and-see approach, "reflecting the view that the market may be overvalued."
The Bitcoin Taker-Buy-Sell-Ratio, as a measure of market sentiment, is currently at -0.945. When this indicator is below 1, it indicates that bears dominate the market; when above 1, bulls are in control.
Currently, this indicator is below the historical average, showing that selling pressure continues to exceed buying pressure.
Gaah pointed out in a Quicktake analysis on Tuesday: "This indicates that despite Bitcoin's recent appreciation, the market is exhibiting pessimism and caution."
The analyst added that the last time similar levels were seen was during the November 2021 peak, when Bitcoin entered a long adjustment period after reaching the $69,000 range:
Meanwhile, Glassnode data shows a decline in network activity, with the monthly average adjusted transfer volume dropping from $26.7 billion to $23.2 billion, a decrease of 13%, further reinforcing the bearish logic for Bitcoin.
Market intelligence firms stated:
However, there are still several bullish signals present. The Coinbase premium has turned positive, and the inflow of spot Bitcoin ETF funds has also turned positive, boosting market hopes for a BTC rebound.
Related: U.S. federal prosecutors appeal sentencing of the mastermind behind the HashFlare Ponzi scheme
Original article: “Bitcoin Traders Say: $110,000 Mark Becomes BTC Price 'Make or Break'”
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