Bitcoin faced renewed selling pressure on Thursday, slipping below the crucial $120,000 support level amid growing bearish sentiment. Analysts now warn that BTC could dip another 10%, possibly testing the $108,000 range in the coming days.
Traders report that Bitcoin’s repeated failure to hold key support has led to increased short positions and a lack of strong buying activity. “The market is quite likely to be dominated by new shorts opening in the short term,” said popular trader Skew, noting weak liquidity and fading strength.
According to Material Indicators, Bitcoin[1] is facing its third consecutive daily support test, with analysts warning that losing the trend line could open the door for a further drop to around $114,000. Similarly, trader Roman emphasized that bearish divergences and low momentum continue to weigh on BTC, predicting a possible revisit to the $108,000 zone.
Despite Bitcoin’s recent all-time highs earlier this month, market confidence has softened as volume decreases and sellers regain control. Analysts suggest that a bullish recovery may not appear until later in October, leaving traders cautious in the near term.
Top 5 Cryptocurrencies by Market Value
| Rank | Cryptocurrency | Symbol | Price (USD) |
| 1 | Bitcoin | BTC | $119,800 |
| 2 | Ethereum[2] | ETH | $3,420 |
| 3 | Tether | USDT | $1.00 |
| 4 | Binance Coin | BNB | $580 |
| 5 | Solana | SOL | $178 |
Bitcoin’s structure remains fragile without a strong bullish catalyst, we might see deeper corrections before any meaningful recovery,” said trader Roman on X.