Bitcoin opened Friday’s Wall Street session on a weak footing, hovering just above $109,000 and threatening to set fresh lows for September.
Data from market trackers indicated that BTC/USD was vulnerable to slipping below $109,000, with order book liquidity stacking on both sides of the price.
On Binance, the world’s largest exchange, bids concentrated around $108,200, while short liquidations were positioned around $110,000 and higher, highlighting a tense battle between bullish and bearish forces.
The situation reflected heightened sensitivity to price movements, with momentum likely to be pulled in either direction depending on liquidity triggers.
Long Liquidations Weigh on Market
According to onchain analytics platform Glassnode, Bitcoin futures were hit by another round of long liquidations as the price dipped under $111,000.
“Bitcoin futures saw another wave of long liquidations as price moved below $111k,” the firm noted.
“This flush of leverage reflects a broad deleveraging event, often resetting market positioning and easing the risk of further cascades.”
Despite that reset, risk appetite among traders remained subdued.
Market sentiment increasingly shifted toward expectations of Bitcoin sliding to the $100,000 level.
Crypto investor Ted Pillows suggested that the market was hanging at a crucial inflection point.
“$BTC is hovering just above its support level,” he said.
“If this level holds, Bitcoin could rally towards $112,000. In case of a breakdown, BTC will retest $101,000 support region before reversal.”
Inflation Data Has Limited Effect
Macroeconomic conditions did little to shift Bitcoin’s trajectory.
The latest US Personal Consumption Expenditures (PCE) index — the Federal Reserve’s preferred inflation measure — came in at 2.7%, matching expectations.
The figure marked the highest reading since February 2025, but analysts doubted it would derail the Fed’s path of cutting interest rates.
“PCE inflation is at its highest since February 2025. Yet, the Fed will keep cutting rates,” trading resource The Kobeissi Letter told its followers.
The data offered some reassurance for risk assets, but Bitcoin traders largely shrugged off the macro release, keeping their focus on liquidity dynamics and support levels.
With sentiment fragile and market positioning light, Bitcoin faces pressure to either reclaim higher ground or risk testing deeper support zones in the coming sessions.