Bitcoin Point Of Control Sits At $117K – Key Battle Zone For Bulls

Bitcoin (BTC) tumbled under the $110,000 degree in a pointy transfer that rattled markets and triggered a wave of short-term panic promoting. The sudden decline adopted an preliminary post-Fed volatility spike, as merchants reacted to the US Federal Reserve’s 25bps charge lower and announcement of an impending finish to quantitative tightening. With uncertainty nonetheless lingering, BTC briefly slipped right into a risk-off spiral, testing investor conviction and flushing out leveraged positions within the course of.

Despite the market turbulence, a number of analysts argue this transfer might symbolize a traditional shakeout, relatively than the start of a bigger breakdown. Historically, Bitcoin has typically seen sharp pullbacks instantly earlier than renewed upside momentum, particularly throughout early liquidity-expansion phases.

For now, all eyes are on whether or not Bitcoin can stabilize and reclaim the $110K zone, a degree that has repeatedly acted as a pivot all through the previous month. As markets digest the Fed’s choice, the main target turns as to whether Bitcoin can get up from this sudden sell-off and reclaim energy heading into November.

PoC Becomes Critical Battleground as Market Signals Indecision

According to prime analyst On-chain Mind, Bitcoin’s present value construction is being outlined by a significant volume cluster centered round $117,000, which now serves because the Point of Control (PoC) within the native market profile.

This degree represents the value zone with the best traded quantity within the current vary — successfully the purpose the place consumers and sellers have proven the strongest curiosity and the place the market has spent appreciable time balancing liquidity.

In sensible phrases, the PoC capabilities as a good worth zone for market individuals. When the value trades under it, bulls must reclaim the extent to regain pattern energy; when the value trades above it, the zone tends to behave as assist. Today, BTC stays beneath the $117K PoC, signaling that the market has but to re-establish bullish dominance after the current shakeout.

On-chain Mind notes that reclaiming $117K would probably set off renewed momentum, opening the door for a retest of the $120K–$123K vary. Until then, nonetheless, the construction stays indecisive, with value hovering in a impartial zone the place neither bulls nor bears maintain a transparent benefit. This aligns with broader market habits: diminished leverage, combined sentiment, and dealer warning following aggressive liquidations earlier in October.

The market is digesting macro shifts, recalibrating place sizes, and ready for a clearer sign. If Bitcoin can stabilize above current assist and start rotating again towards the PoC, reclaiming $117K might mark the second the following leg up begins.

Bitcoin Attempts Rebound Above $110K

Bitcoin (BTC) is presently buying and selling close to $110,180 on the 4-hour timeframe, trying to stabilize after yesterday’s sharp drop. The value managed to reclaim the $110K degree, suggesting consumers stepped in at intraday lows round $108,500, an essential native demand zone that has repeatedly supported the value since mid-October. However, the restoration stays fragile, with BTC now approaching a cluster of short-term resistance ranges.

The 50-period EMA sits simply above the present value, and the 100- and 200-period transferring averages stay overhead, stacked bearishly. This alignment signifies that momentum has not absolutely shifted again to the bulls but.

To regain management, BTC should break above $112,000–$113,000, the place a number of transferring averages converge and prior assist now acts as resistance. Clearing this zone would open the trail towards the essential $117,500 Point of Control — the important thing degree bulls must reclaim to re-establish medium-term energy.

If Bitcoin fails to carry $110K, assist lies at $108,500, adopted by the deeper liquidity zone round $106,000, the place consumers strongly defended value throughout the October 10 flush. For now, BTC stays in a impartial restoration posture, attempting to construct a base whereas navigating overhead strain from macro uncertainty and up to date leverage unwinds.

Featured picture from ChatGPT, chart from TradingView.com