TLDR:
- Bitcoin trades at $110,189 after a 2.23% daily drop, raising questions about support near $111K.
- Traders warn a break below $111K could trigger panic selling from recent buyers.
- Scenarios range from sideways price action to a steep pullback toward $75K in the coming months.
- Market watchers eye November as a possible recovery point if consolidation holds.
Bitcoin is holding just above a level many traders are watching closely. The market has cooled in recent days, leaving investors uncertain. Some analysts see room for another rally, while others warn of a possible breakdown.
The coming weeks could set the tone for the rest of the year. The $111,000 line now carries extra weight for both short-term holders and long-term players.
Bitcoin Price Nears Crucial Support
Bitcoin’s price at press time stands at $110,189, according to data from CoinGecko. Trading volume over the last 24 hours came in at $56.6 billion. The coin is down 2.23% on the day and 4.80% over the past week.
BTC price on CoinGeckoMarket analyst BitBull described $111,000 as a dividing line. He explained that many who bought during the May to July rally are near breakeven at this point.
If Bitcoin stays above that level, those investors are likely to hold. A drop below it, however, could shift sentiment quickly and trigger selling pressure.
He added that when Bitcoin falls under the cost basis of recent buyers, the market often drifts lower for weeks. That makes the current range a deciding zone for momentum. Traders now watch to see if this level holds through the coming sessions.
The price action follows a week of uncertainty. Recent swings have reflected speculation around the Federal Reserve’s policy path. Some traders expect a cut later this year, which could influence crypto flows.
Traders Outline Possible Scenarios for Bitcoin
Altcoin Sherpa laid out three possible paths for Bitcoin in a recent post. His first scenario points to September as a choppy month.
Under this view, Bitcoin would range between $100,000 and $115,000, with liquidations along the way. He suggested the market could then return to an upward path in November.
In the second case, Bitcoin could rebound strongly. That would reflect confidence that rate cuts remain on track and that new financial products continue to support demand. If this plays out, the market cycle could speed up, with a blow-off top forming as early as October.
The third path he described was more severe. In that scenario, macroeconomic pressure drags Bitcoin down, setting off a retrace toward $75,000. He pointed to the early 2025 correction as a possible template. According to this view, recovery might not return until the second quarter of 2026.
These diverging outlooks underline the uncertainty. Investors now balance the potential for short-term weakness against the possibility of renewed strength later in the year. For now, the $111,000 threshold remains the focal point.
The post Bitcoin Faces Key Price Test as Expert Shares 3 Possible BTC Price Scenarios appeared first on Blockonomi.
Source: https://blockonomi.com/bitcoin-faces-key-price-test-as-expert-shares-3-possible-btc-price-scenarios/
