Bitcoin’s latest pullback from $118,000 to $115,000 has put the market in a precarious position, according to new research from CryptoQuant.
The firm’s analysts say the cryptocurrency’s recent bounce from $112,000 to $115,800 on July 10 came without meaningful technical or on-chain support—making the recovery fragile from the start.
The problem, they argue, lies in the gap between $112,000 and $115,800. On-chain activity shows little in the way of trading volume or demand in this range, and from a technical perspective, there’s been no history of price consolidation or resistance here. That absence of structure meant the area provided no real foothold during the rally, and now offers no cushion as prices slip back.
CryptoQuant warns that Bitcoin currently sits at its final significant support level backed by on-chain metrics, likening it to “a shelf with nothing underneath.” A break below it could trigger a rapid decline, as there’s little in the way of historical price action to slow further losses.
The firm advises traders to remain cautious, use stop-loss strategies, and track the market closely. While holding above support keeps downside risks contained for now, a decisive drop would leave Bitcoin with open air below—an environment where price could fall quickly.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
Source: https://coindoo.com/bitcoin-price-balances-on-final-support-level-warns-cryptoquant/