Order Book Walls Trap Bitcoin Near $111K Ahead of Key Resistance
Bitcoin has been holding steady near the $111,000 region after a volatile week, with price action caught between clustered order book walls and a backdrop of weakening technical momentum.
Traders are closely watching whether the current bid support can hold, or if the resistance overhead will prove too strong for bulls to overcome.
Bitcoin Price Action and Trend
Recent daily closes show Bitcoin consolidating within a relatively narrow band after a sharp retracement from above $113,000.
Short-term momentum has been slowing, with the Bitcoin price sitting under both the 9-day and 20-day exponential moving averages. This positioning suggests that bullish strength is fading and that sellers continue to dominate in the near term.
Daily chart for WBTC/USD (Source: GeckoTerminal)
The moving averages are gradually trending lower, reinforcing a bearish tilt in momentum.
The MACD remains in negative territory, showing that downside pressure still outweighs buying strength, though its histogram is narrowing slightly, hinting at possible stabilization. Meanwhile, the RSI remains below the midpoint, reflecting subdued demand and suggesting that Bitcoin has yet to regain bullish momentum.
Overall, indicators lean bearish, but the lack of sharp divergence suggests the market could be setting up for a potential range-bound phase before the next decisive move.
Order Book Liquidity
Order book dynamics are currently shaping short-term behavior. A significant bid wall sits at $111,798, worth about $366,000 in buy orders. Additional bid support at $111,700 and $111,770 suggests that liquidity providers are keen to defend this zone.
On the other hand, resistance is visible almost immediately above, with an ask wall of roughly $606,000 sitting at $111,798, alongside smaller asks at $111,821 and $111,900.
This tight clustering of buy and sell walls points to a battle for control in the $111,700–$111,900 band. Clearing either side could dictate the next directional move, though initial upside gains would likely be shallow until stronger resistance levels are tested.
Key Levels to Watch
On the upside, Bitcoin faces resistance at $119,841 and $119,954, with a larger ceiling at $123,306. These zones mark critical hurdles that bulls would need to reclaim in order to reestablish an uptrend.
On the downside, strong support lies at $105,681, with deeper cushions at $103,985 and $101,508. A breakdown toward these levels could invite heavier selling pressure and potentially reset bullish expectations.
Bitcoin Trading Outlook
For long traders, the best entry opportunities may emerge if the price holds firmly above the current bid walls and begins to push through the nearby ask liquidity, signaling renewed strength. Upside exits should be considered around the $119,800–$120,000 zone, where the first layer of resistance stands.
For short traders, failed attempts to break past the clustered asks above $111,800 could present opportunities to ride momentum back toward $105,000. Profit-taking in this scenario would be best placed near the deeper support levels, as sustained breakdowns may trigger broader selling.
Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.
