Bitcoin’s Critical Juncture: The Onchain Support Levels Bulls Must Defend to Prevent $60,000 Plunge

Bitcoin stands at a precipice—onchain metrics reveal make-or-break territory for the bull camp.

The Battle for Key Price Floors

Whale wallets cluster around specific support zones that could determine Bitcoin's near-term trajectory. These accumulation levels represent the last line of defense against a slide toward $60,000—a psychological threshold that would test investor resolve across crypto markets.

Market Mechanics in Play

Exchange outflows spike as large holders refuse to liquidate at current levels. The derivatives market shows leveraged longs getting squeezed while spot buyers emerge at precise technical supports. This creates a tension between short-term speculators and long-term believers.

The Institutional Wildcard

Traditional finance watches these levels closely—ETF flows correlate strongly with Bitcoin holding above critical onchain metrics. A breach could trigger the usual chorus of 'told you so' from Wall Street dinosaurs who still think blockchain is something you use to secure your bicycle.

Either bulls defend these levels with conviction, or prepare for a painful test of market sentiment. The onchain data doesn't lie—but whether traders listen remains the billion-dollar question.

Onchain Levels Traders Are Watching

The first major support sits near $111,400, where many recent buyers entered the market. Holding above this level keeps their positions in profit and confidence intact. A sustained drop below it, however, could trigger renewed selling pressure.

A broader demand zone lies between $104,000 and $108,000. This is where large volumes of Bitcoin changed hands, forming what analysts call a “make or break” region. If Bitcoin stays above this band, recovery attempts remain on the table. A clean break lower, by contrast, would leave the door open to deeper declines — with $102,800, $105,200, and $107,300 marking short-term supports before $60,000 comes back into focus.

• Key short-term support: $107,300
• Critical zone: $104,000–$108,000
• Long-term floor: $60,000

Macro and Institutional Drivers

Market sentiment has also been shaped by macro signals. Fed Chair Jerome Powell recently emphasized that the central bank won’t rush into rate cuts, keeping investors cautious. His comments dampened appetite for risk assets, dragging bitcoin back under $110,000.

Bitcoin has dipped below $113,000 following the Fed’s “risk-management” rate cut, which suggested further easing depends heavily on economic data.

Traders had priced in aggressive cuts; mixed inflation and labor data are now causing uncertainty and profit-taking. pic.twitter.com/Ihnh7Dc7zP

At the same time, BlackRock provided a counterweight. The asset manager purchased over 700 BTC (worth about $77 million) via Coinbase Prime, even as traders braced for volatility tied to the expiry of $17 billion in Bitcoin options. The MOVE underlined institutional conviction despite retail hesitation.

BREAKING: BLACKROCK JUST BOUGHT $79.7M IN BITCOIN. pic.twitter.com/e2aTBBK3WI

BlackRock is also pushing new products. Alongside its $87 billion IBIT, the firm has filed for a Bitcoin Premium Income ETF, designed to generate yield through covered call strategies. Analysts view this as a step to attract income-seeking investors and strengthen Bitcoin’s long-term case.

Bitcoin (BTC/USD) Technical Outlook: Bears Still in Control

From a charting perspective, Bitcoin remains trapped under a descending trendline from mid-September. The 50- and 100-period SMAs around $113,000–$113,500 are reinforcing resistance, highlighting a bearish crossover zone.

Recent candlestick activity reflects indecision. A cluster of small-bodied candles shows failed recovery attempts, while last week’s sequence of red candles resembled a “three black crows” pattern — a bearish continuation signal.

Momentum is weak but not yet exhausted. The RSI sits at 33, just above oversold, offering no sign of bullish divergence. For traders, the setup favors shorts while Bitcoin stays under $113,000.

• Short entry zone: $110,000–$110,400
• Stop-loss: above $112,500
• Targets: $107,300 and $105,200

For new traders, think of Bitcoin as moving down a staircase. Each failed bounce makes the next step lower more likely. Unless the coin decisively reclaims $113,000, sellers retain the upper hand.

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