Bitcoin traders say that the price of the BTC must contain $ 110,000 to avoid a deeper correction

The main dishes to remember:

  • The price of Bitcoin must contain more than $ 110,000 to avoid other losses.

  • The Taker-Buy-Sell ratio is down for the last time in November 2021, when the BTC price reached its cycle peak.

The Bitcoin price (BTC) experienced modest gains on Wednesday, increasing by 0.9% over 24 hours to negotiate at around $ 111,000.

Several analysts have said that the next most crucial support remains $ 110,000 and that the price must maintain it to avoid a deeper correction.

“BTC is at a level of makeup,” said Swissblock in an article on Wednesday on X.

The private wealth manager said that the “Lifeline support” of Bitcoin is at $ 110,000, a level that the bulls had to hold to ensure the upward trend.

“The BTC has proven resilience greater than $ 100,000, but survival above $ 110,000 will decide whether the continuous trend of bullish or advice on structural weakness.”

BTC / USD graph. Source: Swissblock

Bitcoin Alphabtc popular analyst shared a graph showing that the area between $ 110,000 and $ 112,000 was the key to Bitcoin.

According to the analyst, a four-hour candlestick near this area was necessary for the price of the BTC to rebound; Otherwise, a drop to $ 105,000 is likely.

“Until we get a four-hour fence above $ 112,000, I still think that $ 105,000 is at stake, so I will look closely at this level.”

Bitcoin Price currently holds the support of $ 110,000 to $ 112,000, which “remains the key battlefield,” said investor and trader crypto storm, adding:

“As long as this area holds, a rebound towards the summits is always possible.”

Bitcoin Taker Buy-Sell Ratio flashes a signal of “Pic”

Unfortunately for the Bulls, several lowering signs suggest that BTC could fall below $ 110,000 on the following days or weeks.

The Bitcoin price has diverted about 11% compared to its level of all time above $ 124,500 reached on August 14, by Cointelegraph Markets Pro and TradingView Data.

This reduction has maintained investors in the rear seat, “reflecting a perception that the market can be surprised”, according to cryptocurrency analyst Gaah.

The Bitcoin Taker-Buy-Sell-Ratio, a feeling of a metric market, was at -0.945. When the metric descends below 1, this indicates that the bears control the market and when the metric is greater than 1, the bulls are in control.

Currently, the value of the indicator is lower than its historical average, reflecting a scenario where sales have constantly exceeded purchases.

“This indicates that, despite Bitcoin’s recent assessment, the market shows pessimism and caution,” Gaah said in a Quicktake analysis on Tuesday.

The last time similar levels were observed was at the top of November 2021, when Bitcoin reached the range of $ 69,000 before entering a prolonged correction period, explained the analyst, adding:

“The Sales purchase ratio of takers reinforces that the market is in an area of ​​attention: the growing sale pressure exposes the weaknesses of the bullish price structure which should not be ignored!”

Ratio Bitcoin Taker Buy-Sell. Source: cryptocurrency

Meanwhile, the drop in network activity, a drop of 13% of the monthly average of the transfer volume adjusted as a function of the variation at $ 23.2 billion, against $ 23.7 billion, strengthens the Bitcoin Bitcoin case, per glass.

The market intelligence company said:

“A breakdown lower than the annual average of $ 21.6 billion would confirm a weakening of speculative activity and report a broader contraction of onchain’s demand.”

Bitcoin: transfer volume dynamics. Source: Glassnode

However, as Cointelegraph has reported, several bruise signs remain. A positive coinbase bonus and the return of positive flows in the Bitcoin ETF increased the hopes of a rebound on the BTC market.

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.