Key Insights:
- Bitcoin price traded near $112K amid heavy liquidity between $105K and $120K.
- Analysts cited whale activity as a major driver of volatility in late September 2025.
- Technical signals showed Bitcoin USD resistance at $112K and possible support near $100K.
The Bitcoin price was consolidating around $111,800 in late September 2025. Analysts said whale activity and institutional flows were shaping volatility between $105,000 and $120,000.
Could these liquidity clusters determine the next move for Bitcoin USD?
Bitcoin Price Moved Within Key Liquidity Ranges
Trading volume on September 27 rose about 15% compared with prior sessions, according to CoinGlass data. Analysts said this reflected stronger institutional positioning during a period of narrow consolidation.
The BTC price had hovered between $110,000 and $115,000 at press time. Over the last 24 hours, the Bitcoin USD price rose about 2.2%, while weekly performance showed a 0.9% decline.
Over the past month, the Bitcoin price was up nearly 3.0%.
Market participants tracked liquidity at both ends of the range. Orders clustered around $120,000 created a supply cap, while buy interest around $105,000 acted as support.
Analyst Merlijn The Trader said whales were likely dictating short-term direction by sweeping liquidity zones. This left retail traders vulnerable to forced exits when stop-loss clusters were triggered.
Past research reinforced this view. A 2023 study in the Journal of Financial Markets found that about 68% of token volatility came from whale interventions.
In 2024, an MIT Sloan paper on algorithmic trading concluded that institutional desks exploited stop-loss clusters more than 70% of the time.
Immediate support for Bitcoin price is near $107,000, while a deeper demand zone sits closer to $100,000.
On the upside, analysts said reclaiming $112,000 was critical to sustain bullish momentum.
Technical Signals Show Short-term Weakness
The Bitcoin price traded below its 50-day simple moving average (SMA) of about $114,000 and also fell under the 100-day SMA near $113,000.
Analysts said this alignment favored sellers at the time of writing.
The broader market structure remained inside a descending channel. A Bitcoin USD break below $109,000 risked accelerating declines toward the 200-day SMA and the $100,000–$102,000 demand zone.
On lower timeframes, a bullish flag formed after rejection at $117,000. Analysts said the four-hour chart showed that holding the zone below $110,000 was essential for rebound potential.
Failure to defend this level could trigger another sweep of liquidity for BTC price, closer to $100,000.
BitBull research noted that $111,972 marked the pivotal breakout threshold. A push above this level could open the path to resistance near $118,000–$124,000.
If bulls failed to break through, Bitcoin could remain locked in sideways action, known among traders as a “chop zone.”
The next support rested around $105,100. A drop to this level would reinforce bearish control in the short term.
Outlook for Bitcoin Price in October
Whale activity continued to dictate BTC price sentiment. The Binance BTC/USDT liquidation heatmap showed aggressive selling above $117,000 in mid-September.
This level has forced liquidations of many overleveraged long positions. Analysts said this capped further upside.
Meanwhile, liquidity below the current Bitcoin price appeared thin. This suggested limited downside pressure unless new sell orders emerged.
Analysts also noted that Bitcoin USD often traded like a quasi-stablecoin during periods of compressed volatility. Historically, such phases preceded strong rallies once liquidity cleared.
Heading into October, traders focused on whether bulls could reclaim $112,000. Analysts said this level remained the hinge point for near-term momentum.
A decisive move above would signal renewed strength, while failure to hold support near $105,000 could deepen the bearish channel.