Bitcoin Consolidates Around $110K Support Amid Low Futures Pressure Score
Bitcoin is consolidating around the $110K level, with bulls defending support while targeting the $113K resistance. A breakout above this level could lead to higher price zones, although market conditions remain fragile.
- Bitcoin Futures Pressure Score at 18%, indicating low short pressure.
- Futures traders are neither aggressively building shorts nor significantly increasing long positions.
- The market is cautious, awaiting a catalyst for direction.
The Pressure Score helps identify potential downside risks. A rise toward 30–40% would indicate accelerated short buildup, potentially leading to price drops. Currently, Bitcoin is not in this danger zone but remains sensitive to sentiment shifts.
Weakening US labor market data raises speculation about Federal Reserve policy, which could increase volatility in crypto markets. Investors are closely watching the $110K–$113K range as a critical battleground.
Technical Insights: Trading Between Key Levels
Bitcoin is trading around $112,196, recovering from lows near $110,000. Key technical levels include:
- 100-day SMA at $112,102 providing support.
- 50-day SMA at $114,650 acting as immediate resistance.
- 200-day SMA at $101,980 offering strong support below.
Bulls must reclaim $114,650 to aim for $120K, while bears seek to defend resistance. The upcoming days will be crucial in determining Bitcoin's trend direction.