Bitcoin continues to fluctuate around $113K, remaining within a descending channel. Analysts express differing opinions on the future trend: a potential breakout to $118K or further correction to $105K.
Bitcoin Consolidates Within Key Channel
Bitcoin is currently trading inside a clearly defined descending channel on the 4-hour chart. Price action has respected both trendlines for over two weeks. The lower boundary near $113,000 has held firm as support after a recent bearish push. The price remains confined, bouncing between resistance and support levels without a confirmed breakout.
Cautious Views Emerge from Trendline Breakdown
However, not all analysts are optimistic. Kamran Asghar offers a more cautious outlook after Bitcoin broke below a diagonal support trendline on July 30. His chart shows a shift in structure from sideways to bearish. Price candles closed below key support levels, signaling weakening momentum. He highlights the $115K–$116K zone as crucial. If Bitcoin fails to reclaim this area, he warns the next stop could be $105,000. The bounce from $112,500 so far lacks volume, casting doubt on a strong recovery.
Eric Trump Pushes Bullish Sentiment
In the midst of this uncertainty, Eric Trump has once again rallied the crypto crowd with a familiar phrase: '₿uy the dips!' His tweet comes just as Bitcoin flirts with critical support levels. As co-founder of American Bitcoin and a major player in the crypto space, his calls often attract attention. However, they do little to change the technical structure that remains range-bound for now.
The current situation with Bitcoin shows a variety of opinions among analysts regarding the price's future movement. The overall picture remains uncertain, as the price fluctuates between support and resistance, and opinions on possible scenarios differ significantly.
