Bitcoin continues to face pressure as it falls below the critical support level at $115,000. An analysis of the current situation and potential market implications.
Support at $115,000 Under Threat
On Friday, Bitcoin's price slipped below $115,000, marking the first time since July 25. The inability to breach the resistance level at $120,000 for over three weeks raises questions about BTC's upward trend in the short term.
Market analyst Michaël van de Poppe highlighted that the critical support at $115,000 must be maintained to continue the upward trend. His chart indicates that a drop below $115,600 could trigger a wave of long-side liquidations, pushing the price back toward the $110,000–$112,000 range.
Signals for Correction to $92,000
Adding to the short-term bearish sentiment, Bitcoin’s weekly chart shows a classic bearish divergence between price and momentum. While BTC/USD has made higher highs, the relative strength index (RSI) has formed lower highs, suggesting a waning bullish momentum. Such signals often precede deeper pullbacks.
Should this trend persist, the price could retrace toward its 50-week exponential moving average, currently near $92,000.
Future Prospects for Bitcoin
Moreover, data reveals that over 92% of Bitcoin's supply is in profit, which could lead to increased sell-side pressure. While some analysts predict a potential peak around $138,000, there are opinions regarding a possible decline to $104,000 in the short term.
The current situation surrounding Bitcoin indicates a potential correction, though expert opinions vary on the future behavior of the market. Investors should keep an eye on key support levels and signals for possible trend changes.
