BTC's next major support level is $103.5K, analyst says

Bitcoin's next major on-chain support level is around $103,500, according to an analysis by CryptoQuant's Maarten Regterschot. He explained that a cascade of leveraged position liquidations on Oct. 11 brought BTC's price close to the short-term holder realized price of $112,500. Regterschot noted that this level has been tested for the fourth time in just one and a half months, which he views as a bearish signal. The short-term holder realized price represents the average purchase price of new market participants. Based on this metric, the next key support level is $103,500. Regterschot added that during the 2025 bull market, Bitcoin has consistently bottomed out at levels approximately 10% below the short-term holder realized price. He suggested that if the bull market is not over, it is highly likely that BTC will rebound from this area to begin its next move higher.