After dropping below the crucial $110,000 support zone, Bitcoin ( BTC ) has entered a prolonged consolidation phase, with a trading expert identifying key price levels to watch. Specifically, analysis by Ted Pillows indicates that with limited movement, the leading digital currency is showing signs of acting like a stablecoin , which could be the calm before volatility, he said in an X post on September 28. Bitcoin price analysis chart. Source: Ted Pillows According to his insights, at the current level, the $107,000 mark stands as immediate support. If that area fails to hold, Pillows noted that Bitcoin could fall toward the $100,000 zone, where stronger demand is expected. On the flip side, reclaiming $113,500 would put bulls back in control, opening the way toward $118,000 and potentially the $124,000 resistance. Bitcoin price remains in the chop zone Meanwhile, analysis by BitBull offered another outlook for Bitcoin amid the current indecision by traders. Bitcoin price analysis chart. Source: TradingView According to the analyst, the $111,972 mark is the key threshold for bulls. A break above would shift momentum back toward the upper channel and potentially confirm a bullish continuation. Below that, Bitcoin remains in the “chop zone,” where sideways consolidation dominates. On the downside, the analyst noted that $105,100 stands as the next major support. A drop to this level would reinforce the bearish channel that has guided price action since mid-August. In general, the Bitcoin setup looks bearish in the short term, though such setups have historically preceded strong rallies. Bitcoin price analysis By press time, Bitcoin was trading at $109,423, having rallied about 0.01% in the last 24 hours. On the weekly timeline, BTC has corrected over 5%. Bitcoin seven-day price chart. Source: Finbold Notably, at the current valuation, Bitcoin is positioned below its 50-day Simple Moving Average ( SMA ) of $114,166. This suggests a short-term bearish trend, as the price is underperforming relative to recent average values. The 14-day Relative Strength Index ( RSI ) stands at 37.72, indicating that Bitcoin is approaching oversold territory. Featured image via Shutterstock The post Here’s Bitcoin price levels to watch as BTC acts as stablecoin appeared first on Finbold .
