Bitcoin (BTC) 
$78,323 experiences a period of lateral movement, trading under $110,000 as the month comes to a close. Experts suggest this tranquil market phase might be a prelude to a fresh bullish wave. Leading analysts have identified vital support and resistance levels to watch in the short term.
Strong Support Levels Identified at $107,000 and $100,000
Cryptocurrency analyst Ted Pillows identifies the $107,000 level as the initial major support point for Bitcoin. Should this level fail to hold, the price might recede to $100,000, a zone expected to see heightened buying interest. Pillows highlights that the subdued market movements compel short-term investors to wait.
Another analyst, BitBull, in a separate assessment, points out the $105,100 level as a crucial secondary support. A fall to this point could affirm the ongoing descending channel, strengthening the medium-term downtrend. This downward trend, which has been directing price movements since mid-August, supports a cautious market outlook.
As support zones become more prominent, investors are on the lookout for buying opportunities, though uncertainty in the market persists. This indicates that Bitcoin’s short-term risks remain active.
Bulls Aim for Control Above $113,500
According to analyst Pillows, surpassing the $113,500 level would confirm the bulls’ regained control. Breaching this threshold could push the price towards the $118,000 and $124,000 resistance levels. This ascent scenario suggests that the narrow-range price movements could give way to a robust buying wave.
BitBull’s analysis designates $111,972 as a critical threshold. Breaking above this level could prompt the price to re-enter the upper channel, potentially reigniting the upward trend. However, should this threshold not be breached, it is anticipated that the price will remain in a narrow lateral band.
According to CoinMarketCap, Bitcoin is trading at $109,423, down over 5% weekly. Trading below the 50-day simple moving average ($114,166) technically corroborates the short-term downtrend. Meanwhile, the 14-day RSI is nearing the 37.72 mark, suggesting Bitcoin is approaching the oversold territory.
