Bitcoin is trading just below the $112,000 mark, which is seen as a key pivot for the next move. Analysts point to potential for both upside and downside.
Bitcoin Faces Resistance at $112,500
Bitcoin is hovering around $112,000, which analyst Lennaert Snyder describes as a crucial level for future movement. He stated:
> "If Bitcoin reclaims $112,500, we can start looking at the upside again. Rejecting $112,500 triggers shorts."
Charts shared by Snyder show an upside potential towards $122,000–$124,000 if resistance breaks. A rejection at this level could send the price back towards $106,000 or even $101,000.
MACD Signals Momentum Shift
A separate analysis from ZYN indicates a daily breakout from a falling wedge and a confirmed MACD golden cross, viewed as a bullish momentum shift. ZYN noted:
> "$BTC MACD golden cross has happened. This is a momentum shift signal, and I hope you’re paying attention. Don’t be bearish now on Bitcoin."
This move follows a rebound from $106,000 carrying the price past $111,000. If strength continues, projections place the next target range around $124,000–$126,000.
Whale Balances Show Signs of Profit-Taking
Data from CryptoQuant analyst IT Tech shows a decrease in Bitcoin whale balances after months of accumulation, with total holdings dropping below 3.36 million BTC. The 30-day change is now negative. IT Tech wrote:
> "When whales reduce exposure, it often signals rotation or preparation for volatility."
This pullback suggests some large holders may be trimming positions or locking in profits as Bitcoin approaches the $112,500 barrier.
Bitcoin is currently at a crucial test of the $112,500 level. A breakout could lead to upward movement, while a rejection might push prices back to lower support levels. Current technical momentum and upcoming data will likely have a significant impact on the market in the coming weeks.
