Bitcoin is currently trading around $113,000, showing signs of hesitation as traders debate whether the next move will bring a rally toward resistance or a deeper retracement.
Market analysts remain divided, pointing to conflicting signals in the charts.
Key Support and Resistance Levels
Over the past week, BTC has struggled to hold support above the $111K–112K range. According to trader Michaël van de Poppe, this level is crucial for bulls.
If it holds, the next upside target sits near $115K, where strong resistance awaits. Failure to maintain the zone, however, could trigger a slide toward $106K–108K, which he labels as a “max buy zone.”
Technical charts also highlight the formation of a symmetrical triangle, with Crypto Rover noting that Bitcoin is coiling for a decisive move. Historically, such patterns often precede sharp breakouts, though the direction remains uncertain.
Bitcoin Dominance and Market Outlook
Meanwhile, Rekt Capital pointed out that Bitcoin dominance is showing a weekly bullish divergence. This pattern could extend BTC’s relative strength against altcoins, delaying hopes for an “altseason.”
A confirmed move higher in dominance would likely keep capital flowing into Bitcoin rather than smaller tokens.
The Relative Strength Index (RSI) on daily charts sits around neutral levels, reflecting indecision among traders. While not signaling overbought or oversold conditions, it reinforces the idea that the next move depends on whether support or resistance breaks first.
With Bitcoin consolidating near $113K, traders are preparing for increased volatility. If bulls manage to reclaim momentum, $115K–120K becomes the immediate target. On the other hand, a breakdown below $111K could invite heavier selling pressure and a retest of the $106K range.
The information provided in this article is for educational 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.
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Source: https://coindoo.com/market/bitcoin-price-altseason-on-hold-as-btc-dominance-flashes-warning/