Technical analysis by lixing_gan about Symbol BTC: Sell recommendation (9/24/2025)

Bitcoin’s recent retracement has been driven by liquidation clusters, where leveraged longs were forced out as the price moved through key pressure zones. On-chain heatmaps reveal these concentrations of risk, showing how fragility in positioning amplified volatility. Long/short bias indicates traders have scaled back conviction, with net exposure lighter after weeks of aggressive leverage. Trading volumes have also contracted, reflecting a broader deleveraging cycle as speculative activity cools while institutional flows remain steady. Overall, on-chain data points to near-term stress, which may continue to weigh on bitcoin prices. BTCUSD retreated below its recent highs with the price hovering near the support at 110800. A break below this level may prompt a further decline within the descending channel, with the following support 107500 as the next potential level. Conversely, a rebound above the support may prompt a retest of the resistance at 115000, which is also a bearish fair value gap. By Li Xing Gan, Financial Markets Strategist Consultant to Exness