Bitcoin price risks drop below $ 110,000 if key support levels are lost

The main dishes to remember:

  • The price of Bitcoin is down 11% compared to its summit of all time, going to $ 111,000 on Monday.

  • $ 108,000 is a short -term target for Bears, some BTC analysts predicting a drop to $ 95,000.

Bitcoin sellers (BTC) emerged on Monday while the drop to $ 111,000 led to a large liquidation of long leverages in the cryptocurrency market.

BTC / USD Daily that. Source: Cointelegraph /Tradingview

Bitcoin falls below $ 112,000, destroying long

The price of Bitcoin dropped as low as $ 111,300 on Monday, reversing Friday peak powered by the dominant speech of the Fed chair, Jerome Powell, as a whale sold at the rally.

This extended the decline compared to more than August 14 from $ 124,500 to 11% and was accompanied by massive liquidations on the derivative market.

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More than $ 642.4 million in long positions have been liquidated, Bitcoin representing 235.5 million dollars. Ether (ETH) followed $ 155 million long liquidations.

Overall, a total of $ 806.95 million was suffered on the market in short and long positions, as shown in the figure below.

Cryptographic liquidations (screenshot). Source: Coringlass

Bitcoin liquidation Heatmap showed purchase orders in the range of $ 110,500 to $ 109,700 within the weekly time. Other offers of tenders have increased to $ 108,000 as indicated in the table below.

BTC / USDT liquidation Heatmap. Source: Coringlass

This suggests that the price of Bitcoin could drop more to sweep liquidity in this range before a recovery.

How much can the price of Bitcoin go?

BTC swept away lows below $ 112,000, leaving traders wondering how the price could go.

“Bitcoin is always leverages around the low -end, and its appearance, the Sharks are always hungry,” said Trader Jelle in an article on Monday on X.

According to Jelle, Bitcoin had to maintain the monthly open at $ 111,900 to avoid a deeper correction to $ 100,000.

“I really prefer pricing in this area, or we will reject ourselves in the previous range which would open to another retest of $ 100,000.”

BTC / USD graph. Source: Embarrassed

The comrade analyst, Captain Faibik, said that support around $ 111,800 “weakened” and that he was broken, could trigger a new leg downwards $ 107,000 and $ 108,000.

Several participants in the cryptographic industry remain optimistic for higher prices despite the withdrawal. Analyst Gert Van Lagen said on Monday that the Bitcoin parable remained intact, targeting $ 350,000, but warned that an invalidation of the structure could see the price drop to 95,000.

BTC / USD table representing a parable. Source: Gert Van Lagen

For the founder of MN Capital, Michael Van de Poppe, the Bitcoin Blip below $ 112,000 offers an opportunity for “big entry” for merchants before taking a bigger step.

Meanwhile, the Bitquant analyst said last week that his $ 145,000 cycle target for Bitcoin was still at stake for 2025.

This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.