Bitcoin has again slipped below the $115,000 price mark after briefly hitting a record above $124,000 last week. The leading crypto asset is trading at $113,300, which is 1.2% lower over the last 24 hours and roughly 8% lower than its recent all-time high.
The market correction dropped BTC below the support zone of $115,500 and the 100-hourly Simple Moving Average. It registered a low of around $112,610. Bitcoin consolidated since then and could not move past the 23.6% Fibonacci retracement level of the move down from $124,420 to $112,610.
Also Read: Bitcoin Struggles Below $116,000: Will Institutional Investors Drive Recovery?
The next resistance rests at $115,500. A decisive close above this could spark bullish momentum. In this event, Bitcoin could rise to $118,500, which coincides with the 50% Fibonacci retracement level. Continued gains could extend further towards $120,000, and the primary target may reach $121,500 within the short-term perspective.
Crypto analyst Ali (@ali_charts) sharing his views amplified attention toward Bitcoin’s technical indicators. He highlighted the weekly Relative Strength Index (RSI), showing consistent lower highs since March last year.
Lower tops on RSI typically indicate diminishing buying power, which could be an indication of upcoming corrections. However, some market participants see it as a phase of consolidation before a significant ascent. The question has been raised whether BTC is at a point of exhaustion or if it is gathering strength for the next breakout in its extended bull run.
According to analyst PelinayPA, Bitcoin could remain range-bound due to profit-taking from long-term holders. However, steady accumulation may push BTC toward the $124,000–$178,000 band, levels tied to higher profit-taking zones in LTH behavior models, suggesting further possible upside if market demand strengthens consistently.
Until mid-term extending into end-2025, PelinayPA warned that increased selling pressure from long-term holders could mirror 2021’s cycle top. Then Bitcoin might hit well over $150,000 only to experience another enormous scale correction, creating risks for late entrants as institutional profit-taking accelerates.
If BTC fails to break $115,000 resistance, further decline is possible. Support is around $112,500 and $112,000. Further weakness may push the price to $110,500, and then to $110,000. The strongest support is around $108,000, where a break could lead to additional downside pressure and probe broader market confidence.
Also Read: Bitcoin Price Shows Key Support Holding Amid Bearish Pressure
