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 $116,850, where the channel resistance meets the 50-day SMA. A confirmed break above that would open up $120,900 and then the August high at $124,450.
Conversely, a decisive drop below $108,695 would validate bearish fears and potentially accelerate a decline toward $100,000, a level that could trigger panic selling but also attract institutional accumulation.
Bitcoin Price Prediction: Path Toward $130K or $100K?
It’s a binary setup: either Bitcoin holds above support and builds a base or a flash crash sends price into six figures. If bulls can get back above $116,850 the structure is for a climb back to $124K-$130K and momentum.
But a sustained break below $108,500 would put $105K and $101K in sight, and ultimately open the door for a test of the psychological $100,000 level.
With institutional demand still an anchor, a dip may prove temporary. But if support continues to crack, the market could witness the sharpest correction since the June rally.
In my view, Bitcoin’s current consolidation is less about collapse and more about setting the stage for its next advance. Whether the rebound begins at $110K or after a flush toward $100K, the longer-term path to new highs remains firmly in play.
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The post Bitcoin Price Prediction: Support Level is Starting to Crack – Is the Market Bracing for a Flash Crash to $100K? appeared first on Cryptonews.
