Bitcoin Price Analysis: is BTC About to Hit $120K or $110K Next?
Main Idea
Bitcoin's price is attempting to hold critical support levels after a pullback from its $123K all-time high, with key technical indicators suggesting potential future movements.
Key Points
1. Bitcoin's price is currently testing the $110K support level, near the 100-day moving average, with the RSI indicating neutral momentum.
2. A breakdown below $110K could lead to a drop toward the psychological $100K support zone.
3. If the price holds above $116K (50% Fibonacci retracement level), it may break out of the descending channel and rally toward the $123K all-time high.
4. The Exchange Whale Ratio is at its highest level since early 2023, historically a warning signal for potential distribution events or price pressure.
Description
Bitcoin continues to consolidate above the $116K level as bulls attempt to defend critical support following a pullback from the $123K all-time high. While the broader uptrend remains intact, recent price action reflects uncertainty and tightening range dynamics. With macroeconomic tensions rising and risk sentiment mixed, BTC’s next major move could be triggered by key technical levels. Technical Analysis By Shayan The Daily Chart Bitcoin’s daily structure shows a breakdown and pullback to the ...
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