Bitcoin rejected at $115.7K–$118.9K resistance zone; failure to break above may trigger a drop toward $107K and below.
Glassnode data shows weakening momentum across spot, futures, and ETF markets, indicating increased risk exposure and reduced buying pressure.
A decisive move above $119K is required to invalidate the bearish outlook and potentially restore bullish sentiment among short-term market participants.
Bitcoin is already trading below a very important resistance level, which would lead to a possible breakdown in case of the weak price activity further on.
$115.7K Resistance Zone Signals Caution
Bitcoin has faced a clean rejection at the $115.7K–$118.9K resistance range. According to a tweet by Crypto Patel, this zone now acts as a critical threshold for bulls. Price must reclaim this area to shift the current bearish tone. At present, Bitcoin is trading at $114,080, reflecting a 0.12% daily increase but a 2.93% drop over the past seven days.
https://twitter.com/CryptoPatel/status/1952954033402167404
As long as the price stays under $115,700, the market remains vulnerable to a bearish continuation. Crypto Patel emphasized that a failure to move above this level may open doors for a fall toward $107K, with a possibility of dipping below $100K. A breakout above $119K would invalidate the bearish scenario and could restore confidence.
Momentum Weakens Across Multiple Fronts
Coin Bureau pointed out that Bitcoin’s momentum is fading, as per on-chain data from Glassnode. The weakening is visible across spot markets, futures, options, and ETFs. These indicators suggest seller exhaustion may be surfacing, although downside risks still dominate the short-term picture.
https://twitter.com/coinbureau/status/1953071058862653708
The current fragile market structure reflects hesitation among buyers. Despite modest price stability, the absence of volume strength supports the idea that bulls are not firmly in control. Without a strong catalyst, upward movement remains constrained below resistance.
ETF flows and futures positions are also painting a cautious landscape. Traders appear to be reducing risk, signaling that confidence is yet to return in full force. Glassnode data continues to serve as a warning to market participants.
Support Levels May Be Tested Again
If Bitcoin continues to trade below the $115.7K mark, technical support zones near $107K could come under pressure. This range remains vital for defending against a steeper correction.
Price behavior over the next few sessions will be crucial. Should sellers take control, sub-$100K levels cannot be ruled out. However, a recovery above $115.7K could trigger a shift in market sentiment.
Short-term traders are closely watching trendline reactions and volume shifts for confirmation. Until Bitcoin clears $119K, the risk of further downside remains on the table.
