Bitcoin continues to oscillate between $110K and $112K, which is a significant support level for the cryptocurrency. Analysts warn of risks of further decline.
Testing Key Support Zone
Current Bitcoin value stands around $113,900, and the market is tightening towards a support level between $110,000 and $112,000. Traders are carefully watching this zone, believing it could be decisive for Bitcoin's next major movement. Crypto Patel noted that Bitcoin has broken below its ascending trendline, which adds bearish pressure in the short term. He warned that failure to hold the $110K–$112K level may lead Bitcoin to slide towards $100K, $93K, or even $83K.
Recovery Post EMA 50
Analyst BitBull pointed out that Bitcoin bounced cleanly off the EMA 50 level, which has previously acted as reliable support. This rebound provided bulls with temporary relief, signaling that market strength still exists. However, BitBull remains cautious, recalling a similar pattern from June when Bitcoin broke below the EMA 50 and entered a deeper correction. He suggested that another break of this moving average could create a capitulation wick, driving Bitcoin back into the $110K–$112K range.
Focus on $110K–$112K Level
Both Crypto Patel and BitBull have pointed to the $110K–$112K zone as the most critical price level to watch. Traders are currently avoiding aggressive positions, waiting to see how Bitcoin behaves at this zone. A strong bounce could renew confidence and open the path to $150K. However, a breakdown below $110K could accelerate selling and push BTC towards lower support levels.
The $110K–$112K zone is becoming a critical decision point for Bitcoin, delineating bullish and bearish scenarios. Its further movements will be defined in the coming days.
