Key Points:
As sellers regain control, Bitcoin faces the risk of hitting a new low for October, with price exploration paused.
Targets include local lows in the region, around $108,000, influenced by bearish divergence.
Lack of momentum, with intraday losses nearing 3%.
Bitcoin (BTC) approached its weekly low after Wall Street opened on Thursday, as sellers prevented bulls from pushing price exploration.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD fell below $120,000.
The daily decline was nearly 3%, as the trading pair continued to break through buy order liquidity in the exchange order book.
According to trader Skew's latest market commentary on X platform, there is currently buy order liquidity in the range of $121,000 to $120,000. However, he believes that further observation is needed to see if sellers are absorbed before ruling out the possibility of further declines.
Skew added that the market is "likely to be dominated by newly opened short positions" in the short term.
Meanwhile, trading resource Material Indicators utilized proprietary trading tools to point out repeated tests of nearby support levels.
According to the agency's summary alongside the graphics, the market is currently experiencing the third consecutive daily support test on the trend line.
CoinGlass data shows that as of the time of writing, buy order support below $120,000 is weak, while the number of sell orders above has increased.
From a longer-term perspective, trader Roman reiterated that despite Bitcoin recently hitting an all-time high, the current situation remains fragile.
He reminded his followers on X platform that we are once again seeing more bearish divergences, low volume, and lack of momentum, whether on a 1-week or 1-month cycle.
$BTC 1WA friendly reminder that we are once again printing more bearish divergences, low volume, & lack of momentum on HTF. Both 1W & 1M. We called the move from $107k to $124k perfectly, now I see us moving lower, potentially $108k once again. I don’t see strength here. pic.twitter.com/pdEfp535eG
According to Roman's prediction, the local low of $108,000 may become critical again, as it has been included in his watchlist for October.
An independent analysis previously reported by Cointelegraph indicated that only after October is Bitcoin's price expected to see a breakthrough rise.
Related: BNB Chain meme coins plummet over 30%: Has Binance's "Meme Rush" come to an end?
Original article: “Bitcoin Drops Under $120K, Bearish Data Sparks 10% BTC Price Warning”
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