Bitcoin Price Prediction: Support Level is Starting to Crack – Is
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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
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Last updated:
4 hours ago
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Bitcoin Price Prediction
Bitcoin is trading at $110,360, down over 1.15% in the last 24 hours as traders eye the $112,000 support zone. With a live market cap of $2.19 trillion and nearly 19.9 million BTC in circulation, Bitcoin is still the largest cryptocurrency, but the short-term picture is bearish.
Analysts say Bitcoin is “hanging by a thread” as price touches the lower end of the support channel. A break below $112,000 could lead to bigger declines, with the $108,695–$110,000 zone being the last line of defense before deeper levels come into play.
The broader backdrop shows institutional demand still intact, but shorter-term traders are weighing whether Bitcoin’s summer rally has run its course.
Bitcoin Technical Outlook: Is a Flash Crash Ahead?.
On the technical analysis front, Bitcoin remains trapped in a descending channel after failing to hold above $124,450 earlier this month. The pullback has carved out a series of lower highs, with the price now consolidating around $110,100.
Key technical levels include:
50-day SMA ($116,553): Now acting as overhead resistance.
Pivot at $112,000: Confluence of former trendline and support.
Support zone $108,695–$110,000: Critical floor before deeper pullbacks.
Downside risks: $105,150 and $101,550 if current support fails.
Momentum indicators are cautionary. RSI is 38, Bitcoin is oversold but no bullish divergence. MACD is negative, pressure is down. Recent candles are indecision, long wicks on both sides as buyers and sellers fight for control.
If support holds, Bitcoin could bounce to...
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