Bitcoin to start a bigger correction at this level, according to analyst

As Bitcoin (BTC) lingers below the $110,000 mark, a trading analyst has warned that the asset may be facing a deeper correction if certain levels are breached.

According to analysis by Ted Pillows, after a recent decline from resistance above $113,000, the cryptocurrency is holding within a critical support zone. 

Bitcoin price analysis chart. Source: Ted Pillows

The outlook suggests that $112,000 remains a key level for bulls, as reclaiming it could trigger a fresh uptrend toward $118,000 and potentially retest the $123,000–$124,000 region.

On the downside, immediate support lies around $107,000, where failure to hold could confirm the start of a broader correction. 

A break below this level would expose the next major support cluster near $105,000, extending down to $101,000, signaling a deeper retracement.

Notably, Bitcoin’s current price action highlights indecision, with the asset consolidating in a narrow range as traders weigh whether momentum will shift upward or give way to stronger selling pressure. 

Therefore, a decisive move above $112,000 or below $107,000 is likely to set the tone for the coming weeks, with volatility expected to build as these thresholds are tested.

Bitcoin price analysis 

At press time, Bitcoin was trading at $109,386, down 0.11% in the past 24 hours and nearly 6% lower on the weekly chart. 

Bitcoin seven-day price chart. Source: Finbold

The 50-day simple moving average (SMA) stands at $114,313, signaling short-term weakness and reinforcing the ongoing bearish sentiment. However, the asset remains above the 200-day SMA of $104,142, suggesting the broader trend is intact unless that level is broken.

Meanwhile, the 14-day RSI at 37.81 reflects bearish momentum, edging closer to oversold territory. 

While sellers remain in control, the indicator suggests Bitcoin could soon enter a zone where buyers step in to defend key support levels. For any sustained upward move, the asset must reclaim the $110,000 level.

Featured image via Shutterstock

Source: https://finbold.com/bitcoin-to-start-a-bigger-correction-at-this-level-according-to-analyst/