Bitcoin Faces Critical Support Test Amid Market Adjustments

According to BlockBeats, BRN's research director Timothy Misir highlighted that Bitcoin is currently testing the crucial $110,000 support level, accompanied by a reduction in holdings by major investors and a surge in demand for put options. The volume of large put option trades has exceeded $1.15 billion, accounting for 28% of the fund flow, while call options remain concentrated in the $115,000 to $130,000 range. Misir clarified that this is a selective portfolio adjustment rather than a panic sell-off. He added that although holders of 10,000 to 100,000 BTC have reduced their holdings by approximately 17,500 BTC, they remain net buyers for the year, having increased their holdings by over 318,000 BTC, indicating a position adjustment rather than a large-scale exit. 21Shares research strategist Matt Mena emphasized Bitcoin's resilience amid macroeconomic headwinds and aggressive deleveraging, demonstrating that structural demand anchored by ETF inflows and dovish policy expectations continues to support the market. Over the past month, U.S. ETFs have attracted more than $6 billion. Mena noted that with leverage clearing and policy easing approaching, the outlook for the end of the year is increasingly positive. If institutional demand persists, Bitcoin could potentially reach $150,000. However, the short-term technical outlook remains fragile: if Bitcoin effectively breaks below $110,000, it may test the $104,000-$108,000 range; if it can reclaim $115,000, it will regain bullish momentum.