BTC Consolidation Alert: Traders Eye Next Potential Upswing
Bitcoin’s price swings are getting narrower as it trades below $120,000. Because of this, bulls are finding it difficult to break through important levels. Short-term cooling can persist before the next upturn, even though the general trend is still rising.
BTC Struggles Near $124K Highs: Is the Rally Losing Steam?
A wide rising channel that has held for months is still there on the daily chart for Bitcoin. The 100-day moving average is still below the price, providing more support below $110K. The recent pullback from the all-time high of $124K hasn’t yet disrupted the market structure. The price has failed to reach new highs, and the RSI has turned sideways, indicating that the rise has obviously lost steam in recent weeks. Bulls are still in control, though, as long as the asset stays above the rising orange trendline.
BTC Breaks Short-Term Trendline: Could $108K Be Next Support?
A closer look at the 4-hour chart shows that Bitcoin is about to break below the short-term ascending trendline, forming an ascending triangle with the $117K resistance zone. The price was repeatedly rejected in the $117K–$118K resistance range, which may indicate a deeper downturn or a possible trend shift.
With the RSI falling below 50 and displaying a pronounced bearish divergence between recent highs, momentum has also substantially deteriorated. Further drops toward the $108,000 level could be observed if the market is unable to promptly recover the broken trend line. The substantial demand zone around $108,000 may then see a possible rebound.
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