Bitcoin price analysis shows that, (BTC) is now trading at $114,222 unable to break over the $115,000 resistance level after a recent drop. The cryptocurrency market is keeping a careful eye on this level as sellers maintain their dominance in the near-term trend.
Bitcoin Market Performance:
After a spectacular gain in September that took Bitcoin beyond $118,000, the pace has slowed. BTC had significant rejection at that level, prompting a fall down to $113,000.
At the time of writing, Bitcoin was trading at $114,222, with buyers seeking to hold above crucial support. Despite the rebound from last week’s fall, BTC continues to face strong resistance at $115,000, a level that has become a crucial battleground for bulls and bears.
Key Technical Levels
Resistance zones:
- $115,000 – $118,000: This range has repeatedly rejected Bitcoin and is the most significant roadblock for bulls.
- A breakthrough over this level might pave the way for a surge to $120,000 – $122,000.
Support zones:
- $113,000: Immediate support, with buyers moving in.
- $110,000 – $108,000: A deeper support zone if bearish pressure rises.
- If BTC fails to hold, a test between $105,000 and $104,000 is conceivable.
Technical Chart Insights
The 4-hour BTC/USD chart shows the following:
- A failed breakout effort over $115K resulted in a harsh rejection.
- A short-term downward correction is underway.
- The risk-to-return settings indicate that traders are looking for probable shorts in the $115K range, with targets at $110K.
Market Sentiment
The mood remained cautiously neutral:
- Bulls need a verified breakthrough over $115K to reclaim control and advance toward $120K+.
- Bears are preferred as long as BTC trades below $115K, with downside targets around $110K.
Overall, Bitcoin is now range-bound between $113K and $115K, and whichever side breaks first will likely determine the next major rise.
Related: Bitcoin Falls Below $109K as $22B BTC Options Expire
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