Bitcoin is under pressure after sliding from highs near $115,000 to around $109,300, raising concerns that bulls could lose their grip. If key support levels give way, analysts warn the price could retreat sharply, with $60,000 emerging as the critical long-term line in the sand.
Onchain Levels Traders Are Watching
The first major support sits near $111,400, where many recent buyers entered the market. Holding above this level keeps their positions in profit and confidence intact. A sustained drop below it, however, could trigger renewed selling pressure.
A broader demand zone lies between $104,000 and $108,000. This is where large volumes of Bitcoin changed hands, forming what analysts call a “make or break” region. If Bitcoin stays above this band, recovery attempts remain on the table. A clean break lower, by contrast, would leave the door open to deeper declines — with $102,800, $105,200, and $107,300 marking short-term supports before $60,000 comes back into focus.
Key short-term support: $107,300 Critical zone: $104,000–$108,000 Long-term floor: $60,000Macro and Institutional Drivers
Market sentiment has also been shaped by macro signals. Fed Chair Jerome Powell recently emphasized that the central bank won’t rush into rate cuts, keeping investors cautious. His comments dampened appetite for risk assets, dragging Bitcoin back under $110,000.
At the same time, BlackRock provided a counterweight. The asset manager purchased over 700 BTC (worth about $77 million) via Coinbase Prime, even as traders braced for volatility tied to the expiry of $17 billion in Bitcoin options. The move underlined institutional conviction despite retail hesitation.
BlackRock is also pushing new products. Alongside its $87 billion IBIT, the firm has filed for a Bitcoin Premium Income ETF, designed to generate yield through covered call strategies. Analysts view this as a step to attract income-seeking investors and strengthen Bitcoin’s long-term case.
Bitcoin (BTC/USD) Technical Outlook: Bears Still in Control
From a charting perspective, Bitcoin remains trapped under a descending trendline from mid-September. The 50- and 100-period SMAs around $113,000–$113,500 are reinforcing resistance, highlighting a bearish crossover zone.
Recent candlestick activity reflects indecision. A cluster of small-bodied candles shows failed recovery attempts, while last week’s sequence of red candles resembled a “three black crows” pattern — a bearish continuation signal.
Bitcoin Price Chart – Source: TradingviewMomentum is weak but not yet exhausted. The RSI sits at 33, just above oversold, offering no sign of bullish divergence. For traders, the setup favors shorts while Bitcoin stays under $113,000.
Short entry zone: $110,000–$110,400 Stop-loss: above $112,500 Targets: $107,300 and $105,200For new traders, think of Bitcoin as moving down a staircase. Each failed bounce makes the next step lower more likely. Unless the coin decisively reclaims $113,000, sellers retain the upper hand.
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Click Here to Participate in the PresaleThe post Bitcoin Price Prediction: The Key Onchain Support Levels Bulls Must Defend to Avoid $60,000 appeared first on Cryptonews.
