Key Takeaways:
- Bitcoin faces significant risk, nearing a potential new low for October as sellers reestablish control, and price discovery seems halted.
- Targets indicate a potential drop to around $108,000 due to bearish market divergences.
- Daily losses are approaching 3%, signaling a lack of strength.
Bitcoin (BTC) approached its weekly lows following the opening of Wall Street on Thursday, with sellers effectively keeping buyers from exploring higher price levels.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Bitcoin Likely to Favor Short Positions
Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD dipped below the $120,000 mark.
The cryptocurrency was down nearly 3% that day, affecting liquidity on exchange order books.
“The market still references bid liquidity near $121K-$120K, but we must see absorption of sellers to avoid further dips,” remarked trader Skew in a recent market commentary on X.
Skew further noted that the market is likely trending towards new shorts becoming prevalent.
Trading resource Material Indicators also focused on significant tests of nearby support levels, emphasizing that they are facing a third consecutive daily support test at the trend line.
“Dropping below the trend line would lead to testing support at the Q4 Timescape Level of $114K,” they concluded alongside a relevant chart.
BTC/USD one-day chart. Source: Material Indicators/X
CoinGlass data indicated a lack of bid support beneath the $120,000 level at the time of writing, with selling pressure increasing.
BTC liquidation heatmap. Source: CoinGlass
BTC Price Weakness Returns Attention to $108K
In a broader context, trader Roman reminded readers of Bitcoin’s fragile state, even following its recent all-time highs.
“We are once again showing bearish divergences, low trading volumes, and weak momentum on higher timeframes, both weekly and monthly,” he communicated to his followers on X.
“We’ve accurately predicted the movement from $107K to $124K. I foresee a downward shift, potentially revisiting the $108,000 level. There is no strength here.” — Roman (@Roman_Trading) October 9, 2025
Roman forecasted that the local range low of $108,000 could be a real possibility soon, echoing sentiments already circulating for October. Earlier, Cointelegraph discussed a different analysis suggesting that any bullish breakout in Bitcoin’s price would likely come after October.
This article does not provide investment advice or recommendations. Trading involves risk; readers should perform their own due diligence.
