Bitcoin is under pressure, having dropped back to around $109,300 after reaching highs of approximately $117,000. The drop has sharpened attention on vital onchain support levels, which might define the next trend.
The initial strong support is around $109,000, where the most recent buyers have proved to defend the price. Maintaining this level or above is essential, as it keeps their entries profitable and contributes to building confidence. A drop below $109,000 could open the door to additional selling.
There is also another critical demand zone in the range of $104,000 to $108,000. This band is reflective of a high-volume domain where large amounts of are moved around. It is the so-called make-or-break region, as identified by analysts.
Buyers can also attempt a recovery if the price remains higher than in this zone. A decisive breakdown, however, renders the supporting levels of $107,300, $105,200, and $102,800 susceptible to action, with the eventual long-term bottom at $100,000 indicated.