Key Takeaways

Why is Bitcoin holding $110k important now?

It signals resilience, with Funding Rates at 0.006 and potential $301 million short liquidations on CEXs.

What’s next for BTC price action?

Reclaiming SMA200 at $113,691 could unlock $118,941 resistance, with upside paths targeting $120k–$140k by October.

After holding below $110k for two days, Bitcoin [BTC] successfully reclaimed it and jumped to $112k before slightly retracing. 

At the time of writing, BTC was trading at $111,832, representing a 2.21% daily increase. On the weekly chart, it slipped 1.12%.

Despite volatility, market sentiment appeared to stabilize.

Market sentiment holds steady

Interestingly, while Bitcoin has recently faced challenging weeks, market participants are yet to turn overly bearish. Inasmuch as so, the Fear and Greed Index registered 50 at press time, signaling neutrality.

As such, most market influencers shared an optimistic view of the market in the coming days. Thus, social media posts emphasizing the need to defend $110k surged.

Crypto Rover shared one such post. He posited that Bitcoin must hold above $110k-$112k, which will set the market for an upswing. 

At the same time, others such as Trending Bitcoin also shared long-term projections, eyeing a rally between $160k-$170k. 

These social media posts indicate that Bitcoin will rebound if key support levels hold, with October resulting in more gains.