Bitcoin has once again captured traders’ attention as price action hovers just below the critical $117,500 resistance level. While the overall market remains bullish, signs of weakening momentum on lower timeframes suggest technical tensions are rising. Traders now face a decisive moment: will bulls break through resistance, or will bears seize the opportunity for a pullback?
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📊 Daily Chart – Consolidation Before Decision
On September 17, Bitcoin opened at $116,276, with a market capitalization of $2.31 trillion and daily trading volume of $43.10 billion. Throughout the session, BTC moved between $114,866 and $117,292, showing:
Bullish resilience with strong recoveries from lower levels.
Selling pressure increasing as price approached $117,500.
A rally supported by constructive structure but declining volume, hinting at fading momentum.
🔑 Key Support: $112,000 – $114,000 → buyers likely to re-enter if price dips.
🔑 Key Breakout: $117,500 → must be cleared with strong volume to validate continuation.
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⏳ 4-Hour Chart – Warning Signals Emerge
The 4H timeframe paints a more cautious outlook:
Price surged from $114,137 to $117,323, but a bearish engulfing candle appeared near the highs.
This was accompanied by a spike in selling volume, confirming strong overhead resistance.
Without renewed buyer demand, a short-term correction appears likely.
👉 Recovery Zone: $115,200 – $115,500 → potential bounce if buying interest returns.
👉 Failure to clear $117K decisively will limit near-term upside potential.
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⏱️ 1-Hour Chart – Structure Weakening
Zooming in on the 1H chart reveals short-term momentum loss:
BTC has broken its bullish structure, forming lower highs.
Minor support exists at $115,800 – $116,000, but red candles highlight weak defense from buyers.
Any long entry at this level requires a clear bullish reversal pattern (e.g., hammer candle with strong volume).
🎯 Profit targets remain capped at $116,800 – $117,000 unless significant new volume drives a breakout.
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📉 Indicators & Oscillators – Mixed Signals
RSI (58): Neutral, neither overbought nor oversold.
Stochastic (89): Elevated, suggesting caution.
CCI (115) & Momentum (5,114): Bearish, signaling overbought conditions.
ADX (18): Weak trend strength.
MACD (763): Still bullish, indicating deeper declines may be limited unless major breakdown occurs.
👉 The picture is mixed: bullish bias in broader structure, but short-term exhaustion signs are evident.
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📈 Moving Averages – Long-Term Trend Still Strong
All major EMAs & SMAs (20–200 periods) remain aligned upward:
10 EMA: $114,950
10 SMA: $114,906
This alignment confirms the broader bullish trend remains intact. As long as price holds above $115,500, the long-term outlook stays positive. A failure here, however, opens risk for a retest of $114,000 or lower.
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✅ Bullish Scenario
If BTC holds $115,200–$115,500 and attracts fresh buying volume,
A breakout above $117,500 could spark continuation higher.
🎯 Targets: $118,200 → $119,500 → $121,000.
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❌ Bearish Scenario
Bearish engulfing on the 4H chart + fading volume = short-term weakness.
If $115,500 support breaks, BTC could slide towards $114,000 or below.
Multiple oscillators already signal caution, adding risk of correction.
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🏁 Final Thoughts – Traders’ Roadmap
Bitcoin now stands at a make-or-break level near $117,500. Bulls have strong long-term support from moving averages and MACD, but short-term weakness and resistance pressure cannot be ignored.
👉 Smart Strategy for Traders:
Wait for pullbacks near support zones for safer entries.
Confirm breakout above resistance with strong volume before chasing longs.
Respect risk management in this volatile phase.
The market is at a crossroads — either bulls will fuel a breakout, or bears will enforce a correction. Discipline, not FOMO, will decide who wins.
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