Bitcoin Slips Below $111K: Traders Eye $100K Support as September Volatility Returns
Bitcoin is currently trading around $110,700, showing signs of weakness after a sharp drop from its August high of $124,533. This decline has reignited concerns about the historical “September Effect,” where crypto markets often underperform. Traders are watching closely as Bitcoin struggles to reclaim key levels. The immediate resistance lies between $113,000 and $115,000, with stronger barriers near $118,000 and $124,000. These zones have previously acted as ceilings where buying momentum faded.
On the downside, support is forming near $110,000, but if selling pressure continues, Bitcoin could test $108,000 or even fall toward the critical $100,000 psychological level. A break below that could open the door to deeper corrections, possibly targeting $95,000 or $78,000 based on technical chart patterns. Momentum indicators like RSI remain bearish, and recent candlestick formations suggest indecision among traders.
Market sentiment is cautious, with ETF outflows and macroeconomic uncertainty—especially weak U.S. job data—adding to the volatility. Ethereum is attracting more attention, hinting at a shift in investor preference. Analysts expect Bitcoin to trade between $108,000 and $125,000 this month, with a neutral-to-bearish bias unless bulls regain control above $118,000.