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- Bitcoin holds at $118,958, showing a 7.03% weekly rise, despite an 8.23% decline in trading volume.
- The RSI is at 54.21, a neutral stance, but MACD shows signs of reduction in momentum that might signal a correction.
- A breakout above $112,000 or a breakdown below support could determine Bitcoin’s next major price move.
Bitcoin (BTC) is trading at $118,958 and is down by 0.14% in the last 24 hours. Trading volume on the same day is at $72.24 billion, indicating an 8.23% decline. Over the past week, the BTC price has increased by 7.03%.
Source: CoinMarketCap
CoinCodeCap Trading highlighted that the pricing discovery mode of Bitcoin is still ongoing and that analysts estimate future price targets that include a range of 121K, 128K, and 136K. A break above the resistance zone of $112K confirmed the trend continuation. Nevertheless, the pace appears to be stalling. The traders anticipate a short correction followed by a rally in Bitcoin. Such a possible dip can provide a healthy corrective action, paving the way to a new growth spurt.
Source: X
MACD Shows Slowing Momentum
The Relative Strength Index of Bitcoin is 54.21. This shows a neutral market, neither overbought nor oversold. Bitcoin is shown by the RSI to consolidate rather than make a big move. The markets are showing signs of cooling down, and a trader should be on the lookout for sentiment changes. A dip on a short-term basis might be a better buy, but there is yet no definite breakout signal.
The Moving Average Convergence Divergence indicator indicates that Bitcoin is running out of steam on the upside. The MACD line has its histogram at -55.28 with the MACD line at 11.63 and the signal line at 66.91. This is an indication that the price increase of Bitcoin is leveling out. A correction appears imminent, but there is no indication that the shift will happen in the immediate future.
Source: TradingView
Also Read: Bitcoin Next Move: Will It Surpass $124K or Face a Reversal?
Bitcoin Faces Resistance
The Crypto Express mentioned that the Bitcoin price is coiling inside a descending triangle structure and is being rejected by the resistance trend. The Ichimoku Cloud can also be used to provide resistance on top of the current price. The next directional movement requires a solid breakout or breakdown to confirm it. Traders should be patient until there is a visible signal. The breakout may cause further increases in price and the breakdown may be indicative of a reversal.
Source: X
According to CoinGlass data, the trading volume is reduced by 14.06%, now reaching $108.31 billion. The open interest has dropped by 1.44% and is now at 86.86 billion dollars. The BTC OI-Weighted Funding Rate stands at 0.0101%. These are indicators of a cooled market, and less capital is moving in. The next step can be observed as a consolidation period, which precedes another step.
Source: CoinGlass
Key support for BTC is still at $100,000. A decline below this would indicate additional consolidation or a change of trend. But as long as Bitcoin stays above this support, there can be an uptrend and it could reach higher in the weeks ahead.
Also Read: Bitcoin Drops 4%: Are Whale Moves Signalling Market Shifts?
