Important points:
Bitcoin risks hitting new October lows as sellers regain control and BTC price discovery is pending.
Targets include regional lows of around $108,000 amid bearish divergence.
His daily loss has reached nearly 3%, and he lacks physical strength.
Bitcoin (BTC) neared weekly lows after Wall Street opened Thursday as sellers pushed bulls away from price discovery.
Bitcoin is “likely” to be replaced by shorts next
Cointelegraph Markets Pro and TradingView data showed BTC/USD falling below $120,000.
It fell nearly 3% on the day, continuing to erode bidding liquidity in the exchange’s order book.
“The market still estimates bidding liquidity at around $121,000 to $120,000, but what we have to look at next is seller absorption to rule out a significant drop,” trader Skew said in his latest market commentary on X.
Skew added that the market is “very likely to be dominated by new short openings” in the short term.
Meanwhile, trading resource Material Indicators leveraged its proprietary trading tools to highlight a repeat test of nearby support.
“We are currently facing a third consecutive daily support test on the trend line,” he summarized with an accompanying chart.
“Losing the trendline would open the door to a test of support at the $114,000 Q4 timescape level.”
CoinGlass data shows a lack of bidding support at levels well below $120,000 at the time of writing, while requests have doubled.
$108,000 returns to radar as BTC price declines
Considering a longer time frame, trader Roman reiterated the tough situation Bitcoin is in despite recent all-time highs.
Related: BTC October price breakout unlikely: 5 things to know about Bitcoin this week
“A friendly reminder that we are once again recording a bearish divergence, low volume and lack of momentum on HTF. Both 1W and 1M,” he told X followers.
$BTC 1W
A friendly reminder that HTF is once again showing bearish divergence, low volume, and lack of momentum. Both 1W and 1M.
We had a perfect 107-124k move and now we see a possible drop to 108k again.
I don’t see any strength here. pic.twitter.com/pdEfp535eG
— Roman (@Roman_Trading) October 9, 2025
Roman predicted that a regional low of $108,000 could come into play again, which was already noted in October.
Previously, Cointelegraph reported another analysis that said a bullish breakout in BTC price will occur after October.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
