Key points:
Bitcoin price action stays lower after falling over 4% in hours.
Liquidity is already recovering, with short-term volatility increasingly likely as a result.
BTC price predictions see a local bottom forming as low as $114,000.
Bitcoin (BTC) struggled to reclaim $122,000 on Wednesday as exchange users bet on fresh BTC price volatility.
Bitcoin tracks sideways after all-time high tumble
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after a snap 4.2% correction the previous day.
This had been broadly expected given successive all-time highs without serious upward momentum.
As Cointelegraph reported, rapidly increasing open interest (OI) on derivatives markets had added to suspicions that Bitcoin could retrace a chunk of its recent upside.
“Very efficient price action tbh hence the low volatility thus far,” trader Skew commented in an X post Tuesday as the correction took shape.
Skew subsequently noted “predatory” behavior by large-volume traders on exchange order books.
Clear PvP -> Predatory price action on-going here via binance market on $BTC
— Skew Δ (@52kskew) October 7, 2025
spoofing on the ask aka above price on spot
spoofing on the bid aka below price on perps
How the predatory strategy works?
Aim is to temporarily hold or lift price via perps & then push market lower by…
Overnight, however, liquidity began to flow back into the market, with data from CoinGlass showing thickening bid-side and ask-side liquidity at the time of writing.
Skew suggested that a “consolidation range” may result.
BTC price support puts $114,000 back in focus
Others considered where BTC/USD could put in a reliable local floor, warning that this may be significantly below the current spot price.
Related: BTC October price breakout odds low: 5 things to know in Bitcoin this week
“Between $121K–$120K there isn’t much support, which means price can cut through quickly if selling picks up,” trader ZYN reported on X
“But just below, around $117K, nearly 190K BTC were last bought. That’s a heavy cluster of recent buyers.”
ZYN used the cost basis of recent buyers to predict where demand should shore up the price.
“If we get a pullback into that range, it’s the kind of zone where demand usually shows up strong buyers defending their entries, new capital stepping in. In short: weak cushion at $121K, but a very real floor forming at $117K,” he concluded.
Using its proprietary trading signals, trading resource Material Indicators also flagged $120,000 support, but said that a stronger foundation for a bounce lay at $114,000, near Bitcoin’s 50-day simple moving average (SMA).
For crypto trader, analyst and entrepreneur Michaël van de Poppe, the next buy zone extended down to $118,000.
“Bitcoin made a new all-time high, which is often a reference for people to be taking profits,” he reasoned.
“Slight pullback and we're approaching my personal area of interest for potential dip buying.”
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This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
