Bitcoin (BTC) Teeters at $112,000: Will This Key Support Level Hold?

What was generally an up-day for Bitcoin on Wednesday only took the alpha cryptocurrency 2% ￰0￱ has dawned and the $BTC price has lost yesterday’s gains and is teetering at the edge of losing the very important $112,000 horizontal support ￰1￱ the price drop again, or will this large structural support provide a turning point? One of the largest weekly options expiries ever If Bitcoin does lose the $112,000 horizontal support during the day on Thursday, a chasm could open up ￰2￱ this in mind, Friday has the potential to be a huge ￰3￱ of the largest weekly option expiries in the history of crypto will take ￰4￱ is estimated that between $18 billion to $23 billion in Bitcoin and Ethereum contracts will ￰5￱ upcoming expiry is likely to be 4 times the size of last week’s ‘triple witching’ event.

Therefore, volatility spikes both up and down could serve to liquidate any traders courageous, or foolhardy enough to be making trades on such a ￰6￱ $BTC max-pain point is at $112,000 down to $107,000, where most options would expire worthless, thereby maximising the pain for ￰7￱ for $BTC to potentially make a local bottom during this period of ￰8￱ and bears battle over key support level), and also, the 50-day SMA is moving down to potentially cross below the 100-day ￰9￱ this occurs, this could be yet another nail in the coffin of more ￰10￱ the bottom of the chart, the daily Stochastic RSI indicators are nearly at the bottom of their range. A further drop, perhaps all the way back down to the $108,000 support level, would take them right to the bottom, and ready for a cross back ￰11￱ cross-up could even happen soon, depending on whether a bounce can develop from here. 8-year ascending trendline - breakout or rejection?