$112K to Glory or Exit Liquidity Trap?

TL;DR

Bitcoin holds critical $112K support; losing it risks a flush toward $106K–$102K zones.
Analysts mark $115K as the next resistance if BTC defends support, with $103K as a deeper fallback.
$12.45 billion in longs face liquidation if BTC drops 5% toward $106K price zone.

$112K Becomes the Line to Watch

Bitcoin (BTC) is trading near $112,900 after retreating from recent highs close to $124,000. Market watchers are treating $112,000 as the level that will set the next trend.

Merlijn The Trader pointed out that liquidity has already been cleared on both sides of the range, first near $124,000 and later just below $112,000. He called this an orderbook reset and explained:

$BTC JUST CLEANED BOTH SIDES.

Sweeps done. Orderbook reset.

Now all eyes on $112K:Breakout → new highs.Failure → deep flush.

One line separates legends from exit liquidity. pic.twitter.com/QzszeaVb0t

— Merlijn The Trader (@MerlijnTrader) September 23, 2025

In his view, holding above $112,000 could open the way back toward new records, while losing it risks a move down to $100,000–$102,000.

Resistance Above and Demand Zones Below

Michaël van de Poppe marked the $111,900–$113,000 range as short-term demand. If Bitcoin can hold there, he expects the price to push toward $114,700–$116,800, with $115,000 as the key resistance level.

“If that’s the case, then $115K upwards would be the next clear resistance point,” he wrote.

Should the asset fail to maintain this area, he sees the next support at $106,000–$108,000. He called this the “max buy zone” and noted $103,000 as a deeper level where buyers have previously stepped in. These areas could become important if momentum shifts lower.

EMA-100 in Focus

Another marker is the 100-day EMA, which sits around $111,876. According to BitBull, this level acted as support in June 2025 before the price rallied. He warned that losing it in the past led to steep drops.

They added: “But you could see further dump too,” suggesting that large players might push BTC below this line in Q4 to force liquidations and maximize pressure on the market. For now, the EMA-100 acts as the dividing line, with a bounce supporting recovery and a break pointing toward further downside.

Liquidation Risk Builds Below Current Price

Data from the Bitcoin Exchange Liquidation Map shows that if this level of roughly $106,127 is breached by the BTC, approximately $12.45 billion worth of long positions will get liquidated, including $44.9 million on Binance, $38.9 million on OKX, and $27.3 million on Bybit.

Analyst Ted noted:

$12,500,000,000 will be liquidated when $BTC dumps 5%.

It’s all in the data. pic.twitter.com/u2F3IbRBvk

— Ted (@TedPillows) September 23, 2025

With the current price just 5% above this point, traders are closely watching whether BTC holds $112,000 or slips lower.

Here, $112,000 becomes the pivot. Higher-level demand induction can generate a bounce back to new highs; however, a breakdown risks another flush into low-level demand zones.