Bitcoin experienced a decline at the end of September and has continued to operate lower in recent hours, according to Guilherme Prado, the country manager of Bitget, as analyzed for BP Money. The crypto market has been volatile and in a phase of consolidation following the eventful ‘Red September’. Bitcoin has seen a recovery of around 1% in the past 24 hours, currently trading at approximately US$ 113,100.
Since then, over $435 million in leveraged positions were closed, further confirming the correction trend. Over $300 billion in market value has been lost in the sector since the 18th.
The manager discusses the instability of the dollar, liquidations, and tax uncertainties associated with the US and the European Union. Despite this, retail investors are more cautious, while institutional investors continue to make strategic investments, showing long-term confidence.
William indicates that Bitcoin remains within a resistance range, with values fluctuating between $111,980 and $13,510. The RSI is above 60, indicating potential overcompression in the near future.
Investors are monitoring the potential drop below $110,000 amidst the fluctuating market conditions. If unable to sustain above $12,000, key support levels to watch for are at $110,600, $109,385, $108,700, and $107,286, with $100,000 being a significant level of defense for buyers.
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