Can Bitcoin (BTC) Hold $109,000 as Support? Price Analysis

In its second week of upside price action, and having poked its head above $110, Bitcoin bulls are hoping to hold the important $109,000 level. If they can accomplish this, the path up past the all-time high and into price discovery will be open. Against the backdrop of Tuesday’s announcement by the World Bank that global economic growth will slow down in 2025, Bitcoin is currently very close to its all-time high, with bulls attempting to make $109,000 the support platform for the next push higher. World Bank slower growth forecast Without mentioning President Trump by name, the World Bank released an economic growth forecast for 2025 that blamed “a substantial rise in trade barriers” for the downgrade that it predicts for 2025. Deleting 0.4% from its previous forecast, the World Bank expects global growth to slow to 2.3% in 2025, compared with the 2.8% that was achieved in 2024. It’s in this kind of economic environment that Bitcoin will be coming to the end of its 4-year cycle, if, of course, the World Bank forecast is accurate, although mounting global liquidity entering the monetary system might have some say in changing this forecast. With this in mind, it will be a tug-of-war between global liquidity boosting demand and easing financial conditions, while trade barriers, inflation, debt distress, and policy uncertainty weigh economies down. Is the $109,000 support already about to fail? Source: TradingView The 4-hour chart for $BTC shows that the $109,000 support could be breaking right now. The latest 4-hour candle is forging downward, and it remains to be seen whether the bulls can hold the price up. A factor that is going to be difficult for the bulls to fight against is that the Stochastic RSIs in the shorter-term time frames have their indicators turning down after reaching their apexes. This could mean a period of a few days of downward price momentum before things turn back around again in favour of the bulls. Source: TradingView The daily chart reveals that should the $109,000 support give way, the price could head back down to the important $106,000 horizontal level, or even to $105,000 which became an important level on the way up. At the bottom of the chart, the Relative Strength Index shows the indicator is angled down. Bulls will need to prevent it from crossing back down below the yellow moving average line. Weekly close is critical Source: TradingView The weekly chart illustrates the importance of these current levels. $109,000 has been returned to resistance (blue line) given the price is currently below. Of course, nothing is decided until the end of play on Sunday, when this level will be more definitively shown as support or resistance. There is a long way to go yet. The worst case scenario is if the $106,000 support level breaks. A candle closing underneath this level could mean the price needs to come lower still before finding solid support. Finally, it needs to be understood that there are likely going to be lots of fluctuations over the rest of this week. What really matters though is where things come to rest at the end of the week. This will decide if Bitcoin can continue into the next stage of its upward journey, or whether a correction might be necessary in order for the Stochastic RSIs to reset. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily