After dropping below the crucial $110,000 support zone, Bitcoin (BTC) has entered a prolonged consolidation phase, with a trading expert identifying key price levels to watch.
Specifically, analysis by Ted Pillows indicates that with limited movement, the leading digital currency is showing signs of acting like a stablecoin, which could be the calm before volatility, he said in an X post on September 28.
According to his insights, at the current level, the $107,000 mark stands as immediate support. If that area fails to hold, Pillows noted that Bitcoin could fall toward the $100,000 zone, where stronger demand is expected.
On the flip side, reclaiming $113,500 would put bulls back in control, opening the way toward $118,000 and potentially the $124,000 resistance.
Bitcoin price remains in the chop zone
Meanwhile, analysis by BitBull offered another outlook for Bitcoin amid the current indecision by traders.
According to the analyst, the $111,972 mark is the key threshold for bulls. A break above would shift momentum back toward the upper channel and potentially confirm a bullish continuation. Below that, Bitcoin remains in the “chop zone,” where sideways consolidation dominates.
On the downside, the analyst noted that $105,100 stands as the next major support. A drop to this level would reinforce the bearish channel that has guided price action since mid-August.
In general, the Bitcoin setup looks bearish in the short term, though such setups have historically preceded strong rallies.
Bitcoin price analysis
By press time, Bitcoin was trading at $109,423, having rallied about 0.01% in the last 24 hours. On the weekly timeline, BTC has corrected over 5%.
Notably, at the current valuation, Bitcoin is positioned below its 50-day Simple Moving Average (SMA) of $114,166. This suggests a short-term bearish trend, as the price is underperforming relative to recent average values.
The 14-day Relative Strength Index (RSI) stands at 37.72, indicating that Bitcoin is approaching oversold territory.
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