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Bitcoin risked losing $120,000 support as repeat retests caused traders to see much lower BTC price targets coming in the near future.
Key points:
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Bitcoin risks new October lows as sellers regain control and BTC price discovery gets put on hold.
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Targets include the local range lows at about $108,000 amid bearish divergences.
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Strength is lacking as daily losses near 3%.
Bitcoin (BTC) neared weekly lows after Thursday’s Wall Street open as sellers kept bulls away from price discovery.
Bitcoin “likely” to give way to shorts next
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping below $120,000.
Down nearly 3% on the day, the pair continued to slice through bid liquidity on exchange order books.
“Market does still quote bid liquidity around $121K-$120K but what we need to see next is absorption of sellers to rule out a sweep lower,” trader Skew wrote in part of his latest market commentary on X.
Skew added that the market was “quite likely to be dominated by new shorts opening” in the short term.
Trading resource Material Indicators meanwhile leveraged proprietary trading tools to highlight repeated tests of nearby support.
“Now we are facing a 3rd consecutive Daily support test at the trend line,” it summarized alongside an accompanying chart.
“Losing the trend line would open the door to a support test at the Q4 Timescape Level at $114k.”
Data from CoinGlass showed a lack of bid support much below the $120,000 mark at time of writing, while asks multiplied overhead.
BTC price weakness sees $108,000 return to radar
Considering longer timeframes, trader Roman reiterated the tenuous situation in which Bitcoin finds itself, despite its recent all-time highs.
Related: BTC October price breakout odds low: 5 things to know in Bitcoin this week
“A friendly reminder that we are once again printing more bearish divergences, low volume, & lack of momentum on HTF. Both 1W & 1M,” he told X followers.
$BTC 1W
A friendly reminder that we are once again printing more bearish divergences, low volume, & lack of momentum on HTF. Both 1W & 1M.
We called the move from 107-124k perfectly, now I see us moving lower, potentially 108k once again.
I don’t see strength here. pic.twitter.com/pdEfp535eG
— Roman (@Roman_Trading) October 9, 2025
Roman predicted that local range lows at $108,000 could come into play once again, something already on the radar for October.
Earlier, Cointelegraph reported on a separate analysis, which saw a bullish BTC price breakout coming only after October.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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