Bitcoin faces mounting shorts as Doctor Profit targets the $115K–$125K range while bulls struggle to clear $117.5K resistance.
Support near $107.5K holds firm but a drop could trigger a 20% slide toward $92.5K, raising downside risks for traders.
Market sentiment remains split with consolidation signaling a decisive breakout or breakdown as volatility intensifies near resistance.
Bitcoin’s recent rally toward $117,000 has triggered fresh caution as popular trader Doctor Profit reaffirms his short strategy. On X, he revealed that he accumulated heavy shorts between $115,000 and $117,000 and is eyeing higher levels if the market allows. The current Bitcoin price stands at $116,338, reflecting a 2.06% daily gain. Hence, the market now approaches a critical resistance zone where volatility could intensify.
Doctor Profit emphasized that the short area between $115,000 and $125,000 was defined as early as August. He noted, “Most of short accumulations been taken from 115-117k so far which I consider as enough. Eyeing for higher if market allows to visit to accumulate more shorts to have an overall higher average short entry.” His clarification came after questions from followers about his trading consistency.
Key Technical Zones
Bitcoin’s upward momentum began in early July near $100,000. Prices surged rapidly, reaching peaks around $113,000 before hitting resistance. Additionally, trading activity through August and September consolidated between $107,500 and $115,000, confirming repeated tests of support and resistance. Consequently, analysts now view $115,000 to $120,000 as a “short region,” marked on Doctor Profit’s chart.
Source: Doctor Profit
A lower support zone rests at $107,500, which has held firm through multiple pullbacks. Besides, a downside “Next Target” box appears near $92,500, signaling a possible 20% decline if support fails. Moreover, attempts to break above $117,500 have faced consistent rejection, reinforcing the ceiling effect at upper resistance levels.
Market Sentiment and Risks
Volume patterns highlight the shift in sentiment. Green candles dominated July’s rally, while consolidation in August and September revealed mixed signals. Currently, Bitcoin’s range-bound behavior points to an upcoming breakout or breakdown decision. Traders remain split on whether bulls can overcome resistance or bears will gain control.
Bitcoin is stuck near a critical resistance band, with shorts piling up between $115,000 and $125,000. The coming weeks will decide whether bulls break higher or bears seize momentum.
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