On the contrary, the bears will try to defend the level of 116,000 dollars and push the price down. A key area of interest is between 114,500 dollars, where the 50-day simple moving average (SMA) is currently located, and 112,200 dollars, covered by the 100-day SMA.

Another important area extends from the local minimum of 107,200 dollars (reached on September 1) to the psychological level of 110,000 dollars.

Bitcoin "is now pushing towards the previous monthly open," said the pseudonymous trader KillaXBT in an analysis on X, referring to the August open around 115,700 dollars.