Bitcoin faces rejection at the $115.7K–$118.9K resistance level, increasing the risk of downturn. Market data confirms weakening dynamics.
Resistance at $115.7K
Bitcoin has seen a rejection at the $115.7K–$118.9K range, marking a critical level for bulls. Currently, Bitcoin is trading at $114,080, reflecting a 0.12% daily increase but a 2.93% drop over the past week. If the price fails to move above $115,700, the market remains vulnerable to further bearish trends. A decline toward $107K, and potentially below $100K, may occur.
Weakening Market Momentum
Data from Coin Bureau indicates that Bitcoin's momentum is fading across spot markets, futures, options, and ETFs. These indicators suggest seller exhaustion may be on the rise, although short-term risks still dominate. There is hesitation among buyers, and the lack of volume supports the notion that bulls are not firmly in control. Traders are reducing risk, indicating that confidence has yet to fully return.
Support Levels May Be Tested
If Bitcoin continues to trade below the $115.7K mark, technical support zones around $107K may come under pressure. This range is vital to defend against a steeper correction. Price behavior in the upcoming sessions will be crucial. Should sellers take control, levels below $100K cannot be ruled out. However, a recovery above $115.7K could shift market sentiment. Short-term traders are closely monitoring trendline reactions and volume shifts.
The current situation in the Bitcoin market requires attention, and the future development will depend on the ability to surpass the $115.7K resistance level. Without this, downside risks remain high.
