$ENA 📈 $123K Might Have Been a Local Top: How Low Could Bitcoin Go?

Contrary to my own view, more and more traders are now talking about the possibility of a deep correction.

Key signals:

🟡 $115K support is critical

Analysts warn: losing this level could trigger a cascade of liquidations, pushing BTC down to the $110K–$112K area. If it’s not reclaimed soon, the next target could be $104K.

🟡 Bearish RSI divergence

On the weekly chart, the price keeps setting new highs, while the RSI is forming lower peaks. This divergence was seen back in 2021 before a major correction and may now be signaling a potential pullback toward the 50-week EMA (~$92K).

🟡 Rising profits = rising sell pressure

The NUPL index (Net Unrealized Profit/Loss) is currently in the 0.5–0.6 zone, historically linked to local tops. With over 92% of coins in profit, many holders may look to take gains, increasing selling pressure.

I’m not at all surprised that after a sharp drop, more people are expecting a deeper correction. While I don’t personally agree, I can’t rule out this scenario either.