Bitcoin ranged between major levels of support and resistance in its recent trading session and is currently trading at $108,365.

Over the last 24 hours, the Bitcoin price has traded back and forth between $106,800 and $114,082. Bitcoin reached a high of $114,082 on Tuesday before losing most of its gains, leading to significant liquidations on the crypto market.

Over $748 million in leveraged positions were liquidated according to CoinGlass data, split between long and short positions; Bitcoin accounted for $317 million of this figure.

A total of $171 million Bitcoin longs suffered liquidation, while shorts accounted for $145 million; this suggests that Bitcoin's two-way price action is squeezing both leveraged bullish and bearish plays, highlighting challenging market conditions for traders.

Bitcoin up or down?

BTC's sharp pullback from highs of $114,082 on Tuesday may indicate that sentiment remains cautious heading into the final stretch of October.

I'll be first to admit you could be right. I am willing to go with it in either direction. If BTC goes up I want to be long, if it goes down I want to be short https://t.co/4jie40ZqX4

Amid the current uncertainty on the market, traders are watching to see where Bitcoin heads next. 

Amid this, a market analyst says Bitcoin might be a descending structure within a bullish trend, which might be bullish eventually.

Responding to this, veteran trader Peter Brandt was not definite. "I'll be first to admit you could be right. I am willing to go with it in either direction. If BTC goes up I want to be long, if it goes down I want to be short," Brandt said.

In Brandt's words, he is willing to go with Bitcoin in either direction, implying it could either go up or down. 

The values of $102,000 and $120,000 are highlighted as key Bitcoin support and resistance levels.

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