- Bitcoin’s recovery after Friday’s crash remains weak, with prices hovering just above a key support zone.
- The digital asset briefly rebounded to $116,000 but quickly fell back to around $110,000.
- The crucial support level is between $107,000 and $110,000, reinforced by multiple past highs, lows, and the 200-day simple moving average.
- If Bitcoin drops below this support, it could fall to $98,330 or even towards $82,000.
- A bounce from the support zone and a move above $116,000 could set the stage for retesting record highs.
Bitcoin traded near $110,000 Monday after a short-lived recovery from a sharp price drop last Friday. The asset’s rebound to $116,000 faded quickly, leaving prices close to a critical support region that could determine upcoming market direction.
Recent trading data shows Bitcoin fell to almost $105,000 on some exchanges on Friday. Although prices recovered, momentum indicators remain negative as the cryptocurrency continues to test the $107,000–$110,000 region.
Technical analysis highlights this price range as a significant support zone. According to CoinDesk analyst Omkar Godbole, “The $107,000 to $110,000 area is crucial, marked by past intraday peaks and troughs from several trading months, making it a battleground for market bulls and bears.” The 200-day simple moving average (SMA), sitting at about $107,500, reinforces this level.
If Bitcoin breaks below this range, sellers could take over, and the next potential support is at $98,330, which is June’s swing low. Another drop could push prices toward the bottom of the ascending trading channel, currently near $82,000.
Recent price behavior occurred within a rising channel that has kept Bitcoin’s uptrend steady since 2023. The report notes that Bitcoin has repeatedly failed to hold above the channel’s upper limit, showing signs of buyer exhaustion. “A deeper sell-off cannot be ruled out,” the analyst added, referencing previous failed breakouts followed by sharp declines.
Market participants are watching to see if Bitcoin can rebound from this support zone and quickly surpass $116,000, which could open the door for another attempt at all-time highs. Otherwise, a failure to hold support may indicate the start of a larger downward move. Further details and analysis are available at CoinDesk.
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