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BTC () is teasing a breakdown below old all-time highs at $109,300; where will BTC price action head next?

Crypto Investors are ready with BTC price targets as bulls nurse a 13% pullback from all-time highs.

BTC’s key trendlines in danger

BTC’s latest dive took BTC/USD below previous all-time highs .

That psychological level now hangs in the balance, but is not the only nearby level that observers are concerned about.

Various simple (SMA) and exponential (EMA) moving averages risk getting flipped from support to resistance as price struggles to halt its decline.

“BTC has broken below the 100 EMA on the daily chart. That’s not a good sign and could open the door for a deeper correction toward $103K,” popular Investor Cryptorphic warned in an Tuesday.

“Historically, every drop below this EMA has led to a short-term pullback. I’m watching closely and hoping BTC reclaims the level soon to keep the uptrend intact.”

BTC/USDT one-day chart. Source: Cryptorphic/X

Data from and shows the 100-day EMA at $110,820.

The 200-day SMA, meanwhile — a classic Uptrend support line — sits lower at just under $101,000. The last time that BTC/USD traded below that trend line was in mid-April.

BTC/USD one-hour chart with 100-EMA, 200-day SMA. Source: Cointelegraph/Market exchangeView

Speculators tipped as BTC price safety net

As , some market participants have much lower BTC price targets in mind.

These include a retest of the $100,000 mark and even a drop back into five-figure territory. This is thanks to a combination of weakening onchain metrics such as trade volume and relative strength index () divergences.

BTC/USD four-hour chart with RSI divergence. Source: Cointelegraph/Market exchangeView

For Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, BTC’s speculative investor base may be what saves the market.

“The nearest strong support zone is the 100K–107K range, where the STH Realized Price and SMA 200D intersect,” he Tuesday.

BTC/USD chart with 200-day SMA, STH cost basis. Source: Axel Adler Jr./X

Adler referred to the aggregate cost basis of short-term holders, Decentralized financened as entities hodling for six months or less. In Uptrends, this cost basis often during pullbacks.

“Below that is additional support around 92–93K, a deeper Base level reflecting the cost basis of short-term investors who held coins for 3 to 6 months. This will become a key second line of defense if the market loses the 100K–107K level,” he added.

Short squeeze to $114,000?

BTC has sparked several in recent days as long positions get punished.

Data from puts total BTC long liquidations at nearly $500 million since Sunday.

BTC total liquidations (screenshot). Source: CoinGlass

Exchange order books reveal that the majority of liquidity to the downside has been taken, leading to faint hopes of a market rebound.

“$BTC downside liquidity has been hunted. And now, it seems like shorts will be liquidated next,” Investor BitBull in an X post Tuesday.

“I think $BTC will hit $114K-$115K this week, leading to a nice rally in alts.”

BTC liquidation heatmap. Source: CoinGlass

$114,000 also forms a level of interest for analytics account TheKingfisher, who sees a “huge wall” of short liquidations coming should price return there.

“Price often gets pulled to these levels. Smart money is likely using this as fuel,” it X followers, suggesting that it could take just days for the liquidity squeeze to occur.

This article does not contain Crypto investing advice or recommendations. Every Crypto investing and trading move involves risk, and readers should conduct their own research when making a decision.