Bitcoin Faces Resistance, Price Magnet Forming Below
Bitcoin (BTC) is encountering headwinds as it failed to maintain a crucial price point, raising the possibility of a retreat to lower support levels. Market observers are closely watching a significant options expiry event that could introduce further turbulence for Bitcoin’s upward momentum.
The failure of Bitcoin to close above $117,200 has opened the door for potential retests of support levels. Adding to the uncertainty, a massive $4.9 trillion options expiry event is expected to add friction to the market this Friday, putting pressure on those bullish about Bitcoin.
Analysis of order book depth suggests that substantial buy orders are clustered around the $110,000 to $113,000 range. This concentration of bids could act as a “magnet,” drawing the price downward towards these levels, potentially triggering liquidations of leveraged positions.
Bitcoin’s inability to secure a daily close above $117,200 on Thursday has fueled expectations of short-term price declines among some traders. Data from Cointelegraph Markets Pro and TradingView indicated that BTC barely missed this key mark, which many had identified as a crucial threshold. A successful reclaim of this level would have paved the way for a potential rally towards $120,000, according to analysts.
Crypto trader Crypto Caesar noted on X (formerly Twitter), “Once we gain this level the way to $120K is open in my opinion. However: Last time we rejected this level and came all the way back to the light blue zone.”
#BTC Bitcoin is on the cusp of printing a Daily Close inside the Range to kickstart the reclaim process
Bitcoin is one Daily Close above ~$117.2k away from preparing for a revisit of ~$120k+
$BTC #Crypto #Bitcoin https://t.co/AMROY2kutn pic.twitter.com/EFi4CJTpOBS— Daan Crypto Trades 📈 (@DaanCrypto) September 18, 2025
Adding to the cautious sentiment, crypto investor Ted Pillows suggested that downward price pressure could persist until the options expiry event concludes. “BTC failed to reclaim the $117,200 level again. Today, $4.9 trillion in US stock futures and options will expire,” he stated on X. “Historically, this has resulted in downside volatility and consolidation in the stock market. And because the crypto market follows US stocks, volatility will shift into Bitcoin and alts too. Be prepared.”
Further support for the possibility of lower prices comes from observations of exchange order book activity. TheKingfisher, a trading resource, pointed out on X that the majority of liquidity is now situated below the current price, with the $110,000-$113,000 range being particularly noteworthy.
Here’s the deal, most traders are still guessing. But look at this Kingfisher heatmap for $BTC.
See those dense zones around 110k and 113k?
Those are long liq zones. Price is magnets to these levels, flushing out overleveraged positions.
Above current price, there are thin,… pic.twitter.com/JDYSeUFDbg— The Kingfisher (@kingfisher_btc) September 19, 2025
Glassnode, an onchain analytics platform, corroborated this view, highlighting shifts in the order book structure following the recent Federal Reserve meeting. The FOMC’s decision to lower interest rates, a first for 2025, triggered new all-time highs for both gold and US equities. “Post FOMC, we can see that $BTC shorts at 117k were taken out, and long liquidations are appearing at 112.7k,” Glassnode summarized.
Disclaimer: This information is for informational purposes only and should not be considered financial advice. Trading and investing in cryptocurrencies carries substantial risk, and you should always conduct your own thorough research before making any decisions.