Bitcoin Approaches Critical Support at $105K
After a sharp rejection from the $115,500 level—July’s Point of Control (POC)—Bitcoin is now trading near $107,000. Analysts at Alchemy Markets had anticipated this move in their October 26th TradingView post. The key question now is whether Bitcoin will bounce from here or continue its decline.
Three major factors suggest that Bitcoin could find support soon:
A rising trendline from June 2025
A high-volume node (HVN) at $105,000
Significant open interest in put options between $105,000 and $110,000
Together, these elements point to $105,000 as a potential floor for Bitcoin, where bulls may attempt a recovery.
The $107,000 level marks the Value Area Low (VAL) of the trading range since May 2025. Bitcoin has respected this level three times previously, but this fourth retest increases the risk of a breakdown.
The HVN between $104,700 and $105,700 aligns with the trendline and a cluster of put options.
According to Coinglass, there’s approximately $136.73 million in put open interest in this zone.
Option sellers have a strong incentive to keep prices above this level to avoid losses.
If Bitcoin closes below this zone by month-end—when options expire—downside risks could accelerate due to increased selling pressure from profitable puts.
The upside remains capped near $115,000, which is the monthly “max pain” point—where option sellers would benefit most. If Bitcoin closes near this level by the end of November, it would mark a favorable outcome for those holding short positions in options.
However, $115,000 remains a strong resistance level. Bitcoin was rejected from this exact zone on October 28th, triggering the current decline.