Bitcoin fell to its lowest levels since July 8 after Wall Street opened on Friday, with prices sliding and traders scrambling to reassess short-term plans.
Based on reports from market watchers, heavy selling by large holders helped push the drop. Distribution on Binance was highlighted by traders as a key factor that worsened losses.
Popular trader Daan Crypto Trades pointed to a “key reversal zone” around recent ranges and consolidation levels.
Some experts had similar price levels on his radar, noting that Bitcoin failed to turn $112,000 into support. Other voices in the market flagged $114,000 as an important weekly close threshold for bulls.
Marks argued Bitcoin could stage a rebound. He suggested a move back toward $123,000 is possible, which would be roughly a +14% jump from current levels. That projection is optimistic, and it rests on momentum flipping quickly in favor of buyers.
Reports have disclosed that traders are focused on a narrow set of price markers. If Bitcoin can reclaim $112,000 and hold a weekly close above $114,000, bulls would gain breathing room.
If those levels fail, more downside is possible and short-term traders could face further liquidations.
For now, the market looks tight. Some technical signals point to a rebound, but macro data and big sellers are keeping the mood cautious.
Traders and investors alike are watching both price action and economic prints closely as the US heads toward key data and the Fed decision window on Sept. 17.
Featured image from Unsplash, chart from TradingView
