📈 Bitcoin price analysis: Major resistance standing in BTC's way towards a new peak
BTC
115,066.02
-1.3%
Bitcoin is experiencing exciting price movement after reaching a new all-time high above $124,000. After the US Federal Reserve announced the possibility of interest rate cuts, the market found support at a key level and quickly rebounded. Here are the key points:
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🗓 on the daily chart
Bitcoin recently broke the long-term rising channel, indicating a potential trend reversal.
The price rebounded strongly from the support area at $110K, which aligns with the 100-day moving average.
Relative Strength Index (RSI) at about 50, reflecting market indecision and neutral movement.
If the rebound continues, we might see Bitcoin reaching $130K or possibly higher.
However, if the price does not maintain the current support, we may see a drop towards $100K, which is a critical level for the overall trend.
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⏱ on the 4-hour chart
When the price reached $112K, the market reacted sharply to the news of the interest rate cut.
The rebound was swift towards the resistance level of $117K, which currently represents a major obstacle.
If this level holds, the price may return to support at $112K or lower.
Breaking the major support could lead to a series of long position liquidations and push the price towards $100K.
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🔗 On-Chain analysis
Funding Rates
Funding rates are consistently positive, indicating a market trend towards buying.
The slight decline did not change the overall trend, as the market remains optimistic.
However, in a positive funding environment, the risk of significant liquidation is always present if important support levels are broken.
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⚠️ Key points for investors
Strong support: $110K – $112K
Major resistance: $117K
Potential target if the rise continues: $130K+
Risk level: $100K
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💡 Summary: Bitcoin is currently at a critical point, supported by the rise or exposed to a downward correction. Monitoring support and resistance levels is important for making wise trading decisions.
