Bitcoin (BTC) fell below the $110,000 level in a sharp move that rattled markets and sparked a wave of short-term panic selling. The surprise drop followed an initial spike in post-Fed volatility as traders reacted to the US Federal Reserve’s 25 bps rate cut and the announcement of an imminent end to quantitative easing. With uncertainty still lingering, BTC briefly slipped into a risk spiral, testing investor confidence and washing out leveraged positions in the process.
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Despite the market turbulence, several analysts say the move could represent a classic earthquake rather than the start of a bigger meltdown. Historically, Bitcoin has often experienced sharp pullbacks just before resuming upward momentum, especially during the early stages of liquidity expansion.
For now, all eyes are on whether Bitcoin can stabilize and regain the $110,000 zone, a level that has repeatedly acted as a pivot over the past month. As markets digest the Fed’s decision, the focus is turning to whether Bitcoin can wake up from this sudden selloff and regain strength in November.
PoC becomes a critical battleground as the market signals indecision
According to top analyst On-chain Mind, the current price structure of Bitcoin is defined by the main volume a cluster centered around $117,000, which now serves as a point of control (PoC) in the local market profile.
This level represents the price zone with the most trading volume in the recent range — actually the point where buyers and sellers have shown the most interest and where the market has spent a lot of time balancing liquidity.
In practical terms, PoC functions as a fair value zone for market participants. When the price moves below it, the bulls need to retrace the level to regain the strength of the trend; when price moves above it, the zone tends to act as support. Today, BTC is below the PoC of $117k, signaling that the market has yet to re-establish its bullish dominance after the recent shake-up.
On-chain Mind notes that a retracement of $117K would likely trigger new momentum, opening the door for a retest of the $120-123K range. Until then, however, the structure remains indecisive, with price moving in a neutral zone where neither bulls nor bears have a clear advantage. This is in line with broader market behavior: reduced leverage, mixed sentiment and trader caution following aggressive liquidations in early October.
The market digests macro moves, recalibrates position sizes and waits for a clearer signal. If Bitcoin manages to stabilize above recent support and starts rotating back towards the PoC, a retracement of $117k could mark the moment when the next phase of the uptrend begins.
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Bitcoin is trying to get back above $110k
Bitcoin (BTC) is currently trading near $110,180 on the 4-hour time frame, trying to stabilize after yesterday’s sharp drop. The price managed to recover the $110,000 level, suggesting that buyers have stepped into intraday lows around $108,500, an important local demand zone that has repeatedly supported the price since mid-October. However, the recovery remains fragile, and BTC is now approaching a group of near-term resistance levels.
The 50-period EMA sits just above the current price, and the 100- and 200-period moving averages remain overhead, stacked bearishly. This alignment indicates that the momentum has not yet fully returned to the bulls.
To regain control, BTC needs to break above $112,000-$113,000, where multiple moving averages are converging and previous support is now acting as resistance. Clearing this zone would open the way towards the critical control point of $117,500 — the bulls at the key level need to return to re-establish mid-term strength.
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If Bitcoin fails to hold $110,000, support is at $108,500, followed by a deeper liquidity zone around $106,000, where buyers strongly defended the price during the October 10 washout. For now, BTC remains in a neutral recovery position, trying to build a base while dealing with the added pressure of macro uncertainty and recent deleveraging.
Featured image from ChatGPT, chart from TradingView.com
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