Bitcoin Clings to $107K–$110K Support as Traders Eye Next Major Price Shift
Bitcoin (BTC) is hovering near a crucial support range between $107,000 and $110,000, a level that could determine whether the market stabilizes or faces a deeper correction. After last Friday’s steep drop, BTC’s rebound has been weak, leaving prices exposed to further downside pressure.
The leading cryptocurrency briefly recovered to $116,000 following its decline to nearly $105,000, but momentum faded quickly. Technical indicators now suggest waning bullish strength as prices consolidate near the lower end of the range. The $107K–$110K zone aligns with intraday highs from December–January and lows from September, underscoring its importance as a key pivot area. The 200-day simple moving average (SMA), currently positioned around $107,500, further reinforces this level as a potential line of defense.
If this zone fails to hold, analysts warn of a possible breakdown that could trigger a move toward $98,330, the June 22 swing low, with the next significant support near $82,000—the lower boundary of Bitcoin’s long-term ascending channel.
Risk of Further Downside
Bitcoin’s price remains within a multi-month ascending channel, stretching back to October 2023, though recent action indicates fatigue. The asset has repeatedly tested and failed to maintain levels above the upper channel boundary, signaling buyer exhaustion and raising the risk of a deeper pullback.
This pattern mirrors the December–January period, when multiple failed breakouts above resistance preceded a sharp correction that took BTC down to around $75,000.
While Bitcoin’s broader trend remains upward since 2023, the current setup suggests heightened volatility ahead. A break below $107K would likely confirm bearish control, whereas a bounce and close above $116K could reset bullish momentum and reopen the path toward record highs.
For now, all eyes are on the $107K–$110K support band, as its fate could define Bitcoin’s next major directional move in the days ahead.
