Bitcoin is trading near $108,557, as the cryptocurrency market remains under pressure from macro uncertainty and recent large-scale liquidations.
The market is showing signs of consolidation, with institutional accumulation still present but offset by bearish sentiment in the short term.
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BTC Next Target
- Price: $108,557
- Market Cap: (based on circulating supply)
- 24-Hour Trading Volume: Elevated amid recent volatility
- Circulating Supply: ~19.9 million BTC
- Max / Total Supply: 21 million BTC
After breaking out of Sideways Channel ($108K – $121K), price made a new ATH of $126k but crashed four days later as low as $102K. It’s now pulled back to 200 SMA of $107K (also support) and bounced off of it.
Momentum is inflecting bullish (MACD Histogram bars are rising) and price could recover back to $120K. If, on the other hand, price breaks below that key level (SMA @ $107K), it could signal onset of Downtrend and could revisit $102K, which was the long down wick from Oct 10th.
Those wicks are often re-traced (filled). That would be close to a very strong support area of $100K. Long-term, we believe that the FED is likely to continue to cut interest rates in the next 3 months by 50 bps or more, which should be bullish for BTC and altcoins.
Key Indicators & Market Signals
- Bitcoin is hovering above support levels around $105,000-$107,000; a break below this zone could trigger further downside.
- Resistance lies near $110,000-$115,000; regaining this range with volume could signal a base formation.
- Futures open interest has risen to over $32 billion, indicating institutional activity remains robust.
- The pullback is viewed by some analysts as a de-leveraging phase rather than a shift in fundamentals.
Latest News Highlights
- The broader crypto market extended its decline, with BTC trading around $108,000 amid renewed risk-off market conditions.
- A record liquidation event earlier in the month wiped out over $19 billion in leveraged positions, weighing on sentiment.
- Analysts warn that unless support holds near $105,000, the next leg down could test $100,000 or lower.
Summary
Bitcoin is trading around $108,557, positioned between support at $105,000-$107,000 and resistance near $110,000-$115,000. A clear break above resistance could pave the way toward $120,000+, while failing to hold support may expose downside toward $100,000.
With institutional interest still visible and macro risks elevated, BTC remains in a sensitive consolidation phase that could set the tone for its next major move.
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