Bitcoin is currently trading at $114,600, reflecting a 3% decline over the past week amid increasing volatility. Analysts are discussing potential movements of the cryptocurrency in the near future.
Key Support in Focus
Crypto analyst Ali pointed out that $114,600 is a critical line for bulls. "The support at $114,600 decides the next move," he highlighted, adding that if this level holds, Bitcoin could rebound to $117,600 and possibly extend to $120,000. However, failure to maintain this support may leave the market vulnerable to deeper corrections.
Diverging Analyst Views
Not all experts share the same outlook. Michaël van de Poppe stressed that Bitcoin needs to form a higher low in this region to maintain bullish structure. He warned that without this, the market risks "giving it all back" and setting new local lows, although he described such a scenario as an ideal accumulation opportunity for long-term investors.
Technical Setup
Currently, charts reflect a struggle between buyers and sellers. On the 1-hour timeframe, Bitcoin has pulled back from above $118,000, consolidating just above support. The RSI hovers around 42, suggesting bearish pressure but no extreme oversold conditions. The MACD remains in negative territory, with momentum tilting toward sellers, although bearish strength appears to be weakening. This technical picture leaves Bitcoin at a crossroads. A strong bounce could propel the price back toward $120,000, but a breakdown may expose downside targets near $111,000–$112,000.
Traders are currently focused on the $114,600 level. Defending this zone could restore confidence and fuel another push toward $117K–$120K, levels many see as the next major resistance. On the flip side, failure could drag Bitcoin into a deeper correction, giving investors a fresh chance to accumulate at lower prices.
