Bitcoin continues to struggle through one of its historically strongest months, often referred to as “Uptober,” currently down more than 5% and trading below $108,000 as it nears several critical support and resistance levels.
The 200-day Simple Moving Average (200SMA), a key indicator that often separates bull and bear markets, is now at $107,846 and serves as immediate resistance.
Since the 2023 cycle began, bitcoin has mostly held this level as support, but it slipped below it in the summers of 2023 and 2024 and again in April 2025. The 365-day SMA, which provides a broader view of long-term momentum and sits at $100,367, has consistently acted as secondary support at $200. This is the fourth time in this cycle that bitcoin’s price is sandwiched between these two averages, a range-bound setup that can last for months.
Additional key levels include $103,509, the average cost basis for 2025 investors according to Checkonchain data. This serves as an important price floor, as well as the $100,000 psychological support level that anchors market sentiment.
On the positive side, $112,100 represents the short-term cost base, which reflects the average onchain acquisition price of coins moved within the past six months.
Historically, bitcoin has dipped below this level during corrections, but sustained trading above it typically signals the resumption of a bull market.
