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Benzinga
Benzinga
Business
Murtuza J Merchant

UNCOVERED: Bitcoin hanging by a thread around 112 000 analyst warns | History Defined

Bitcoin Gracy Chen Ethereum
Prague,,Czechia,-,10,21,2024:,Smartphone,On,Surface,Showing

Bitcoin (CRYPTO: BTC) is "hanging by a thread" after slipping below the $112,000 support level, according to pseudonymous analyst Ali, who highlighted both technical and on-chain signals suggesting the market could face further downside pressure.

What Happened: Ali noted on Onday that while Bitcoin briefly bounced from $112,000, the recovery failed to hold. Price action from July and yesterday's session wick point to $110,500 as a potential interim support level.

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