BTC price support and resistance levels keep traders on edge amid mixed signals
Bitcoin is trading near $111,000 after recent rejection at higher levels, leaving the market in what one analyst calls a “market of maybes.” The daily chart shows clear technical battlegrounds: a green support zone around the $108k–$111k area and a red rejection zone near $116k–$118k, while a prior supply band sits above $122k. These levels are shaping short-term trader behavior as institutional inflows from Wall Street collide with lingering Federal Reserve caution.
The chart displays a descending channel (orange trendlines) that BTC broke above earlier in September but then failed to sustain, returning toward the support band. Trading volume has not shown a convincing surge on the pullback, suggesting momentum remains uncertain. On the chart the notable zones are: <u>support at roughly $108k–$111k, rejection at roughly $116k–$118k, and a higher supply zone around $122k–$124k. A daily close below the green band could invite deeper re-testing of lower structure; a clean reclaim and close above the red band would be required to re-open a bullish path.
BITX market strategist who reviewed the chart said: “Price structure is telling us to stay neutral until BTC decisively breaks one of the marked zones. Institutional flows can prop prices, but macro liquidity and Fed signals will dictate conviction.According to BITX analysts: “Net inflows from large funds create support under price swings, yet the absence of breakout volume shows buyers are cautious.”
Short-term traders should monitor volume on bounces and daily closes relative to the green and red zones. A rejection in the red band with rising volume would favor sellers; conversely, a sustained move above $118k on strong volume would attract momentum buyers. Until one side wins, the market looks rangebound — a true “market of maybes.”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.