Bitcoin continues to trade under pressure, sliding to $113,089 after failing to hold recent resistance levels.
The world’s largest cryptocurrency has now lost 6.47% over the past week, pulling its market capitalization down to $2.25 trillion.
Market analyst Michaël van de Poppe described the current setup as “classic price action,” noting that Bitcoin’s inability to break through initial resistance has kept volatility high. He emphasized that a move below the recent low could actually present a “great buy opportunity” for patient investors.
Technical Indicators Show Weakness
Recent charts show Bitcoin struggling to maintain momentum above $116,000, with a rejection near $119,500 leading to further declines. RSI levels are currently hovering around 39, suggesting the asset is approaching oversold territory. Meanwhile, the MACD indicator remains bearish, with momentum still skewed toward the downside.
Van de Poppe pointed to liquidity zones around $112,000 as a potential entry point, suggesting history may repeat itself if Bitcoin revisits that range. He argued that past cycles often see short-term shakeouts before stronger accumulation begins.
Bitcoin Price Scenarios
- Bullish case: If Bitcoin holds support above $111,000 and sees renewed buying volume, a bounce toward $116,800 is likely. Breaking this resistance could open the door to retesting the $120,000 zone, with further momentum potentially carrying BTC back toward its all-time high.
- Bearish case: A breakdown below $111,000 would leave Bitcoin vulnerable to deeper losses, with analysts eyeing the $103,000 level as the next significant support. Such a move could trigger more aggressive selling from leveraged traders.
- Base case: Bitcoin consolidates between $111,000 and $118,000 in the short term, with market participants waiting for clearer macro signals before committing to major new positions. This range-bound movement could serve as an accumulation zone for long-term investors.
What’s Next for Bitcoin?
Despite the recent pullback, analysts believe the broader structure remains intact. The key question now is whether Bitcoin can establish a strong foundation in the $111K–$113K range. A decisive bounce would keep the bull market narrative alive, while a failure to hold could invite sharper corrections.
For traders, the coming days may prove pivotal as Bitcoin tests its resilience at a crucial support level.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Source: https://coindoo.com/market/bitcoin-flashing-buy-signals-as-price-dips-under-114k/