Key Support Zone Near $108K in Focus After Recent Breakdown
Bitcoin (BTC) fell sharply on Thursday, slipping below the $109,000 mark and testing critical support near $108,500. The move comes after weeks of consolidation inside a descending channel, suggesting that bearish momentum is dominating short-term price action.
The daily chart highlights a rejection from the $122,000–$124,000 resistance zone, where heavy selling previously capped upside attempts. Following the breakdown, BTC entered a downward-sloping channel, with price now testing the green demand area around $108,000–$110,000.
If Bitcoin fails to hold this support, the next downside target could emerge near $102,000, with extended weakness possibly driving price toward the $94,000 zone. On the other hand, a rebound from current levels could open the door for a retest of $115,000 resistance, but strong follow-through buying would be needed to confirm recovery.
“The $108,000 zone is absolutely critical for bulls,”  BITX market strategist commented. “A clean break below this level could trigger an acceleration of selling toward six figures.”
According to BITX analyst , “Bitcoin has been moving inside a well-defined bearish channel. Unless we see a decisive breakout above $115,000, short-term sentiment remains under pressure.”
Despite the pullback, Bitcoin remains significantly higher on the year, with long-term investors still viewing dips as accumulation opportunities. However, short-term traders are cautious, given that momentum indicators are flashing weakness while volume shows increased activity during sell-offs.
For now, all eyes are on the $108,000 support zone, which could determine Bitcoin’s next directional move. A bounce here may stabilize price action, while a breakdown would likely shift focus to the $102,000 level as the next key area of interest.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.