Bitcoin Price Bullish Targets Signal Potential To Reach $110,000 Liquidity

(MENAFN- Crypto Breaking) Key points:

• Bitcoin failed to close above $117,200, raising questions about upcoming support levels.

• A significant $4.9 trillion options expiry event on Friday is adding pressure for bullish traders.

• Order-book liquidity reveals bids accumulating at $110,000 and above, creating a“magnet” effect on the price.

Bitcoin (BTC ) struggled to close decisively above $117,200 ahead of the weekend, suggesting potential short-term weaknesses in its price action. Data from Cointelegraph Markets Pro and TradingView indicated that BTC /USD narrowly missed a daily close above this key threshold, which analysts see as a potential gateway for a move back toward $120,000.

This level had been regarded as a critical line in the sand for Bulls. A reclaim could open the door to renewed bullish momentum, but failure to hold above $117,200 raises fears of a retest of lower support zones.

A recent tweet from trader Rekt Capital highlighted that“once we gain this level, the way to $120K is open,” although caution was advised, noting the previous rejection at this level.

Meanwhile, crypto investor Ted Pillows emphasized the impact of the upcoming options expiry, noting that $4.9 trillion in US stock futures and options will be settling on Friday.“Historically, such expiries have led to increased volatility and downward price pressure across markets, including cryptocurrencies ,” he stated.

In terms of liquidity, the order book shows strong bids concentrated around $110,000 to $113,000, acting as a natural“magnet” drawing the price lower, as traders' long positions are flushed out.

Insights from analytics firm Glassnode confirmed shifts in on-chain positions following the Federal Reserve's rate cut, which marked the first reduction in interest rates in 2025. Post-FOMC, Bitcoin shorts at $117,000 were liquidated, with long liquidations appearing near $112,700, suggesting increased volatility and a potential retest of support levels.

In summary, with Bitcoin approaching a critical support zone and looming large options expiry, traders remain cautious amid signs of possible consolidation and retracement in the current bullish trend. As crypto markets are closely linked to US equities, developments in traditional finance continue to influence price movements across the blockchain ecosystem.

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