Bitcoin traders warn $123K was a top: How low can BTC price go?

2 weeks ago

Key takeaways:

Bitcoin hinges connected $115,000 support, risking a driblet toward $104,000.
Weekly RSI divergence points to a deeper correction.
Rising NUPL signals accrued profit-taking, hinting $123,000 was the section top.

Bitcoin (BTC) is down connected Friday, dropping beneath $115,000 for the archetypal clip since July 25. The inability to ace the resistance astatine $120,000 for implicit 3 weeks present puts the BTC terms uptrend successful question, astatine slightest for the adjacent term.

Will Bitcoin terms driblet to $104,000?

Bitcoin is flirting with downside volatility arsenic it clings to the $115,000 enactment level, an country marketplace expert Michaël van de Poppe flagged arsenic indispensable to proceed the uptrend.

His illustration shows that BTC’s driblet beneath $115,600 could trigger a cascade of long-side liquidations and propulsion the terms backmost toward the $110,000–$112,000 region.

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin dropped to an intraday debased of $114,100 connected Friday. This terms enactment was accompanied by $172 cardinal agelong BTC liquidations, per CoinGlass data.

As Cointelegraph reported, the likelihood of a deeper correction to $104,000 volition summation if the $116,000 level is not reclaimed shortly.

Bitcoin’s divergence hints astatine $92,000

Adding to the short-term bearish bias, Bitcoin’s play illustration is flashing a classical bearish divergence betwixt terms and momentum.

The illustration beneath shows that portion BTC/USD formed higher highs implicit caller months, the relative spot scale (RSI) has carved retired little highs, suggesting waning bullish momentum.

Such a awesome often precedes deeper pullbacks, arsenic it did up of the 2021 marketplace top.

If past repeats, BTC could retrace toward its 50-week exponential moving mean (50-week EMA; the yellowish wave), presently adjacent $92,000. This trendline besides served arsenic cardinal enactment during erstwhile bull markets, making it a logical people for immoderate mid-cycle correction.

A akin divergence was observed connected the monthly illustration by Crypto Trader AlejandroBTC, who said it’s a motion that Bitcoin’s rhythm is nearing its end.

“Bitcoin is flashing a triple bearish divergence connected the monthly RSI. It’s the benignant of setup that ends cycles.”

Bitcoin’s Net Unrealized Profit/Loss (NUPL) besides flashes informing signs. The metric is presently wrong the 0.5–0.6 zone, a level historically linked with section tops.

With much than 92% of proviso successful profit astatine existent prices, determination is simply a likelihood of an summation successful sell-side pressure. Such setups successful 2020, successful March 2024 and January 2025, preceded crisp corrections, raising the anticipation of akin pullbacks successful August.

Nevertheless, CoinGlass’ 30 bull marketplace highest indicators suggest that Bitcoin is showing nary signs of overheating with $138,000 BTC terms successful play. Other bullish analysts expect that Bitcoin inactive has 3 months near earlier a terms apical of astir $150,000.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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