Bitcoin price is trading near $117,000 with heavy shorts concentrated in the $115K–$125K zone; immediate support sits at $107.5K and a breach could expose a ~20% decline toward $92.5K. Traders should watch volume and rejection at $117.5K for the next directional signal.
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Short accumulation concentrated at $115K–$125K, raising near-term downside pressure.
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Key support at $107.5K; a sustained break risks a slide to $92.5K (approx. 20%).
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Current price: $116,338 (2.06% daily gain); volatility likely near resistance at $117.5K.
Bitcoin price nears $117K as shorts pile in; watch resistance and support levels closely — read analysis and trade implications now.
What is driving Bitcoin’s price near $117K?
Bitcoin price is approaching a critical resistance band after a July–September rally, with traders accumulating heavy shorts between $115K and $125K. Short positioning and repeated rejections at ~117.5K are increasing volatility and making the next directional move highly conditional on volume and support tests.
How are shorts influencing Bitcoin’s near-term outlook?
Short accumulation by prominent traders has concentrated selling pressure in the upper $100Ks. Doctor Profit publicly disclosed heavy shorts between $115K–$117K, stating that further short entries may be added if price revisits higher levels. This creates a resistance zone where short liquidation or continuation could amplify moves.
What are the key technical zones for Bitcoin?
Technical levels are clear: resistance is defined between $115,000 and $125,000 with notable rejection near $117,500. Immediate support sits at $107,500; failure there would target a next zone near $92,500. Price history shows consolidation between $107.5K and $115K across August–September, confirming those levels’ significance.
How likely is a 20% pullback if support breaks?
Historical pullbacks from failed range breaks often reach prior consolidation lows. A breach of $107.5K would expose a mechanical downside path to $92.5K, roughly a 20% decline from current levels. Risk-management plans should account for increased volatility and set stop-loss levels consistent with account sizing.
Bitcoin nears $117K with heavy shorts piling in as traders eye resistance at $115K–$125K and key support at $107.5K for next moves.
- Bitcoin faces mounting shorts as Doctor Profit targets the $115K–$125K range while bulls struggle to clear $117.5K resistance.
- Support near $107.5K holds firm but a drop could trigger a 20% slide toward $92.5K, raising downside risks for traders.
- Market sentiment remains split with consolidation signaling a decisive breakout or breakdown as volatility intensifies near resistance.
Bitcoin’s recent rally toward $117,000 has triggered renewed caution. On X, trader Doctor Profit confirmed concentrated short entries between $115,000 and $117,000 and indicated readiness to accumulate further shorts if the market revisits higher levels. The live Bitcoin price is $116,338, up 2.06% on the day, and price action now sits at a technical inflection point.
Doctor Profit clarified: “Most of short accumulations been taken from 115-117k so far which I consider as enough. Eyeing for higher if market allows to visit to accumulate more shorts to have an overall higher average short entry.” That public positioning increases the probability of layered resistance and potential short squeezes if momentum shifts.
What does market sentiment say about the next move?
Volume analysis shows strong green candles during July’s advance, then consolidation during August–September. Currently, range-bound trading suggests traders are seeking confirmation before committing. A decisive breakout above $117.5K with rising volume would favor bulls, while a break under $107.5K would validate the downside scenario.
Source: Doctor Profit
Frequently Asked Questions
What immediate levels should traders watch for Bitcoin?
Watch resistance at $115K–$125K (near-term ceiling) and support at $107.5K (key floor). A close above 117.5K with volume favors continuation; a break below 107.5K risks a move toward 92.5K.
How can traders manage risk with heavy shorts present?
Use size limits, staggered stop losses, and defined risk-reward plans. Monitor on-chain flows and options open interest for signs of short covering or forced liquidations.
Key Takeaways
- Short concentration: Heavy shorts between $115K–$125K create meaningful resistance.
- Critical support: $107.5K is the primary support; loss of this level exposes a ~20% decline to $92.5K.
- Actionable insight: Traders should wait for confirmation (volume and decisive close) before initiating directional trades.
Conclusion
Bitcoin price action near $117K is defined by concentrated short positions and tight technical levels. Traders should prioritize risk management and watch for a confirmed breakout above $117.5K or a breakdown under $107.5K. COINOTAG will monitor updates and report new developments as they occur.
