Bitcoin slipped to around $111,500 on Thursday, losing nearly 1.6% over the past 24 hours as traders brace for further short-term weakness.
The move comes after the cryptocurrency failed to hold recent gains above $115,000, with momentum indicators suggesting a cooling phase in the market.
The daily RSI currently sits near 42, signaling waning strength after last week’s rebound. Bitcoin’s price action has been caught in a tightening range since September, with support forming between $110,000 and $112,000.
A decisive move below could open the door to a retest of the $105,000 zone, while recovery above $115,000 would bring $118,000 and $120,000 back into focus.
Despite the pullback, some analysts see the current decline as a necessary reset. Market strategist Michaël van de Poppe noted that Bitcoin still lacks strength after yesterday’s attempt to bounce but suggested the downside may not last long.
He argued that once the market completes this correction, the next phase could be a renewed push upward.
Adding another layer of perspective, search data from Google Trends shows that global interest in “Bitcoin” has dropped significantly compared to earlier this year.
Commentators like Crypto Rover interpret this fading retail attention as a potential contrarian signal, suggesting that large price swings often occur when public enthusiasm is low.
Overall, Bitcoin finds itself at a crossroads. On one side, reduced market hype and weakening technical indicators hint at more near-term pressure. On the other, seasoned traders believe the coin could soon transition into a stronger bullish phase once sellers exhaust their momentum.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.