Key Takeaways:
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Bitcoin’s hinge for $ 115,000 support, threatened with a collapse to $ 104,000.
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Weekly RSI Divergence points to a deeper correction.
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Raising NUPL signals increased income extraction, indicating the local top of the local top.
Bitcoin (Btc) falls on Friday, decreasing below $ 115,000 in the first time since July 25. The inability to break the Resistance to $ 120,000 For more than three weeks the BTC price is now underway, at least in the near term.
Will Bitcoin price go down to $ 104,000?
Bitcoin is fighting with downside volatility as it clings to $ 115,000 support level, a market area analyst Michaël Van de Poppe That -flag as important to continue the uprising.
Related: Bitcoin ends the month of recording at $ 115k with a BTC price set for ‘Vertical’ August
His chart shows that BTC collapse below $ 115,600 can trigger a cascade of long avoidance and push the price back to the $ 110,000- $ 112,000 region.
Data from Cointelegraph Markets Pro and Tradingview It is shown that Bitcoin dropped to an intraday of less than $ 114,100 on Friday. This price action is accompanied by $ 172 million long abstinence in BTC, per Coinglass data.
As cointelegraph reportedThe odds of a deeper correction to $ 104,000 will increase if the $ 116,000 level will not be able to reclaim shortly.
Bitcoin’s Difference -Differentiation indicates $ 92,000
Adding to bearish’s short-term beys, Bitcoin’s weekly chart flashes a classic bearish variation between price and momentum.
Shown in the chart below that while the BTC/USD has formed higher in recent months, the Relative Strength Index (RSI) has carved the lower highs, suggesting the waning bullish momentum.
Such a signal is often preceded by deeper pullbacks, as preceded by the 2021 Market Top.
If history is repeated, the BTC can retrace toward a 50-week exponential transfer of average (50-week EMA; the yellow wave), currently close to $ 92,000. This trendline also served as a major support in previous bull markets, making it a logical target for any mid-cycle correction.
A similar difference -Iba is observed in the monthly crypto business chart AlejandRirtc, who Says It is a sign that the Bitcoin cycle is about to end it.
“Bitcoin shines a triple bearish divergence to the monthly RSI. This is the kind of setup that ends with cycles.”
The net that did not realize that the income/loss of Bitcoin (NUPL) also flashed warning signs. The scale is currently within a 0.5-0.6 zone, a history level linked to the local tops.
With more than just 92% of supply supply At current prices, there is a possibility of increasing the seller’s pressure. Such setups in 2020, in March 2024 and January 2025, preceded the sharp correction, which increased the possibility of similar pullbacks in August.
However, Coinglass ’30 Bull Market Peak Indicator suggests that Bitcoin does not show signs of overheating with $ 138,000 BTC prices in gaming. Other bullish analysts expect Bitcoin to still have three months left before a top price of nearly $ 150,000.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
