As Bitcoin (BTC) begins a challenging week, analysts have identified three critical price levels that could influence its near-term trajectory amidst a market sell-off. Bitcoin experienced a decline, dipping below $112,000 at one point and briefly hitting $111,717. The three key levels include a support level at $110,000, which has historically been a pivotal zone, and the short-term holder cost basis at $111,400, reflecting the average purchase price of wallets that acquired BTC in the last 155 days. Trading below these levels could signal a shift towards a bearish market structure, according to analytics firm Glassnode. The current market sentiment indicates a precarious situation where sustained trading below these support levels may trigger sell-offs, as traders closely monitor these crucial indicators during this volatile phase.

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