Bitcoin Squeezed Between Two Critical Levels — Here’s What’s Next

Bitcoin's price action tightens as it gets caught between two crucial technical barriers.

The Compression Zone

BTC trades in a narrowing range with clear resistance above and solid support below—creating a classic technical standoff that typically precedes significant movement.

Breaking Point Approaches

Market volatility indicators suggest this consolidation won't last much longer. Either bulls or bears will soon force a decisive breakout—and when they do, expect momentum to follow.

Traders watch these levels like hawks while institutions quietly accumulate—because in crypto, the 'smart money' always positions itself before the herd notices. Just another day in the casino we call financial markets.

BTC At Risk Of Deeper Correction If It Loses $99,900 Support

In an October 17 post on the social media platform X, Glassnode put forward an interesting evaluation of the current bitcoin price setup. The prominent crypto analytics firm revealed that the flagship cryptocurrency is currently sitting between two major support zones.

This analysis is based on the Glassnode Technical Pricing Model, a chart containing a number of technical indicators, including the Pi Cycle indicator, the Mayer Multiple, the Yearly Moving Average (MA), and the 200-Week Moving Average. 

According to Glassnode, the Bitcoin price is currently wedged between the Mayer Multiple ($107,400) and the Yearly MA ($99,900).

The Mayer Multiple (200-Day Simple Moving Average) is a popular technical indicator often linked with the transition point between a bull and bear market. Meanwhile, the 365 Day SMA offers a long-standing baseline for high-timeframe market momentum.

Following the latest dip, the bitcoin price slipped beneath the 200-day Moving Average, signaling a possible shift from a bullish market condition to a bearish one. While BTC still holds above the 365-day MA, the premier cryptocurrency needs to stay above this level to steady the current trend.

Ultimately, investors might want to keep an eye on the BTC price, as a break beneath the $99,900 level could spell much bigger trouble for the world’s largest cryptocurrency. It is worth noting that a return to above the Mayer Multiple could be significant for Bitcoin’s progression, albeit with price resistance around the 111-day moving average (currently at $114,700).

Bitcoin Price At A Glance

As of this writing, Bitcoin is valued at around $106,427, reflecting an almost 2% price drop in the past 24 hours.