Bitcoin recently broke below its 200-day moving average (~$108,000) — a structurally important level.
The support zone around $104,000-$106,000 has been tested multiple times and is critical for the near-term outlook.
On the upside, a reclaim of ~$111,700 opens a path to ~$116,000-$120,000.
If support fails, downside risk exists toward $94,000-$100,000 in the short term.
📌 Summary Analysis (3–4 lines)
Bitcoin is in a precarious phase: having lost its major support at the 200-day MA, it’s now hovering over a key zone of ~$104K-$106K. A rebound above ~$111K would shift momentum back to the bulls, but a breakdown below ~$100K may trigger a deeper pullback. Traders should watch volume and whether BTC holds the current support zone — because a decisive move could set the tone for year-end.
🧭 What to Watch
Support: ~$104K-$106K — If this zone holds, consolidation may precede another leg up.
Resistance: ~$111K-$112K+ — Holding above here enables bullish momentum.
Risk Zone: <$100K — Failure here opens further downside toward ~$94K.
Catalysts: Volume spikes, institutional flows, macro factors (interest rates, inflation) will matter a lot.
If you like, I can generate a detailed chart image showing these levels (support, resistance, possible targets) which you can save or share. Would you like me to do that?