Bitcoin Price Analysis: Key Levels to Watch As BTC Slips Below $109K

Latest Bitcoin price analysis depicts a topsy-turvy scenario this week, falling below $109k, amid a heavy selloff in the broader crypto market.

The ongoing crypto market performance hints at a waning risk-bet appetite of traders towards the digital assets space.

It seems that the market sentiment was dampened amid the massive crypto market options expiry, worth $15 billion.

This development often impacts the broader market sentiment, triggering a short-term selloff in the assets.

However, despite that, some have remained confident about the potential future movement of the BTC price.

Despite that, the recent gloomy momentum has sparked discussions over what may lie ahead for the flagship crypto.

So, here we explore what the historical performance is indicating for the asset.

In addition, we would also take a quick tour of the key price levels to watch ahead, as highlighted by market pundits.

Bitcoin Price Slips, Can It Recover in September?

The broader crypto market cap has lost more than 2.5% in the last 24 hours and fell to $3.83 trillion amid a BTC and altcoins selloff.

BTC price today retreated over 2% and rested at $110,693 during writing. Notably, Bitcoin price has slipped to as low as $109,427 from a high of $113,450 in the last 24 hours.

This reflects the highly volatile scenario in the BTC market, with market participants awaiting further cues on the likely future movements.

Meanwhile, BTC has taken a hit in August, plummeting nearly 5% and validating its historical trend of gloomy momentum during this month.

According to CoinGlass Bitcoin price analysis data, it has stayed in the red eight times in August over the last 12 years.

Having said that, investors are considering the possibility of whether the flagship crypto can stage a recovery in September.

Can September Bring Relief for Investors?

A recent Matrixport report highlights the uncertainty surrounding Bitcoin price analysis and current action. The report noted that technical and macroeconomic factors are colliding, making it challenging to predict the asset’s next move.

September’s track record doesn’t offer much comfort. The average decline of 2.5% in September and four of the last ten years ending in negative territory have sparked concerns.

However, the report said that key policy events like payrolls, US CPI, and the Fed meeting are set to dominate the agenda in September.

While a Fed rate cut could be a positive catalyst, the market may not respond with the expected rally, the report noted.

Meanwhile, Matrixport expects Bitcoin’s consolidation phase to persist for another two to three weeks before a meaningful catalyst sparks upside volatility.

With the current price hovering around $110,000, the coming weeks will be crucial in determining Bitcoin’s trajectory.

Bitcoin Price Analysis: Nearing Cycle Top?

The recent dip in Bitcoin price has fueled concerns, but historical data have relieved some traders. For context, Ali Martinez has shared his optimism despite the recent retreat in the asset’s price.

For context, in a recent X post, Martinez highlighted a BTC price chart. The chart shows higher highs while the Relative Strength Index (RSI) makes lower lows, a divergence similar to the one seen before the 2021 cycle top.

This technical pattern suggests a potential bullish trend reversal, and Martinez seems confident in Bitcoin’s prospects.

Echoing a similar sentiment, as per Bitcoin price analysis by analyst Rekt Capital, “History suggests” that the current pullback “will likely be shallower & shorter than past ones.”

In addition, he also suggested a potential surge in Bitcoin price to $150k in the coming days. Despite that, another renowned expert has highlighted key price levels to watch ahead of the flagship crypto.

In a recent X post, analyst Michael van de Poppe said that BTC must hold the $112 support to avoid a “ugly correction.”

For context, he noted that if Bitcoin price slips below the $112,844 and $111,918 range, it could crash to as low as $113k in the coming days.

This also comes as veteran trader Peter Brandt recently shared concerns over a robust pullback in Bitcoin price.