Analyst says BTC rebound is temporary, cites $109.5K as key support

Bitcoin's current rebound is likely to be temporary, according to an analysis by CryptoQuant contributor Axel Adler Jr. He explained that as the market structure has shifted, the Composite Index, a technical indicator, has fallen below -0.4, signaling a dominant downtrend. Adler interprets the current price action as a simple bounce rather than a resumption of a broader uptrend. He identified $109,500 as a key support level for BTC. An uptrend targeting the $117,700 resistance level could resume if the price holds above this support and the Composite Index recovers to above zero. Bitcoin fell to $111,000 around 4:00 a.m. UTC on Sept. 24 but is currently trading near $112,400, up 0.39% from the previous day's close.