Key points:
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Bitcoin fails to close above $117,200, opening the door to support retests.
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A giant $4.9 trillion options expiry event adds further friction for Bitcoin bulls on Friday.
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Order-book liquidity shows bids massing at $110,000 and above, creating a “magnet” for price.
Bitcoin (BTC) missed a key daily close into Friday as traders expected short-term BTC price losses.
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewBitcoin adds headwinds after daily close miss
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD narrowly avoided a daily close above $117,200.
This had been one of the key lines in the sand on short timeframes — a reclaim would allow price to revisit $120,000, analysis said.
“Once we gain this level the way to $120K is open in my opinion,” popular trader Crypto Caesar wrote Thursday in part of an X post on the topic alongside an explanatory chart.
BTC/USDT one-day chart. Source: Crypto Caesar/XCrypto investor and entrepreneur Ted Pillows predicted downward BTC price pressure continuing through the week’s options expiry event.
“$BTC failed to reclaim the $117,200 level again. Today, $4.9 trillion in US stock futures and options will expire,” he told X followers.
BTC/USDT one-day chart. Source: Ted PIllows/XTrader bids create $113,000 BTC price “magnet”
Other arguments in favor of lower levels focused on exchange order-book liquidity.
Related: Bitcoin price $150K target comes as analyst sees weeks to all-time highs
Updating X followers, trading resource TheKingfisher noted that most liquidity now lies below the price. The area between $110,000 and $113,000 was of particular interest.
Onchain analytics platform Glassnode agreed, noting shifts in order-book composition after Wednesday’s Federal Reserve meeting.
There, the Federal Open Market Committee (FOMC) lowered interest rates for the first time in 2025, leading to new all-time highs for both gold and US stock markets.
“Post FOMC, we can see that $BTC shorts at 117k were taken out, and long liquidations are appearing at 112.7k,” Glassnode summarized.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Source: https://cointelegraph.com/news/bitcoin-price-forecasts-110k-target-4-9t-options-expiry?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
