The world’s largest cryptocurrency has now lost 6.47% over the past week, pulling its market capitalization down to $2.25 trillion.
Market analyst Michaël van de Poppe described the current setup as “classic price action,” noting that Bitcoin’s inability to break through initial resistance has kept volatility high. He emphasized that a move below the recent low could actually present a “great buy opportunity” for patient investors.
Recent charts show Bitcoin struggling to maintain momentum above $116,000, with a rejection near $119,500 leading to further declines. RSI levels are currently hovering around 39, suggesting the asset is approaching oversold territory. Meanwhile, the MACD indicator remains bearish, with momentum still skewed toward the downside.
Van de Poppe pointed to liquidity zones around $112,000 as a potential entry point, suggesting history may repeat itself if Bitcoin revisits that range. He argued that past cycles often see short-term shakeouts before stronger accumulation begins.
Despite the recent pullback, analysts believe the broader structure remains intact. The key question now is whether Bitcoin can establish a strong foundation in the $111K–$113K range. A decisive bounce would keep the bull market narrative alive, while a failure to hold could invite sharper corrections.
For traders, the coming days may prove pivotal as Bitcoin tests its resilience at a crucial support level.
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