#Bitcoin price is stuck in a tight range around $114,000 after dipping below key support last week. Despite a small bounce from under $112K, it keeps hitting a wall at a descending resistance line that’s been in play since mid-July. The next big test? Breaking past $116K, where a cluster of moving averages and trendlines are piled up.
Right now, $BTC is trapped below a downtrend on the 4-hour chart, with $116K–$121K acting as a heavy supply zone. Daily charts show it’s still in a rising channel from March, but hovering near the lower half, risking a drop if $112.5K fails. Key support to watch sits around $104.5K (the Bull Market Support Band).
Derivatives data is meh: trading volume dipped, open interest is flat, and funding rates are neutral. Traders aren’t committing hard either way. Short-term indicators (RSI, MACD) are stuck in no-man’s land, hinting at a volatility squeeze brewing.
What’s next?
- Bull case: A clean break above $116.2K could spark a move toward $118K–$121.8K.
- Bear case: Losing $112.5K opens the door to $110K or even $108.4K.
For now, it’s a waiting game, watch how BTC reacts at $115K–$116K for clues. 🍿
