Peter Smith
Bitcoin's momentum has cooled after struggling to hold above $120,000, sparking questions about whether a deeper pullback is ahead.
Chart Analysis: Key Levels in Focus
Analyst Ali recently highlighted the possibility of BTC returning to $100,000—a scenario that's looking more realistic based on current technical patterns showing up on the daily chart.
- Resistance at $124,000: Bitcoin got turned away near $124,000, where selling pressure proved too strong. That ceiling remains intact, and until bulls can push past it, any upside looks limited.
- Support at $112,000: The immediate floor sits around $112,000. If that cracks, the next targets down are $108,000, followed by $101,800.
- Pattern: The price action is forming lower highs, hinting that bearish momentum could continue building.
Why This Matters
A few things are lining up that make the $100K scenario worth watching. After hitting recent peaks, some traders are cashing out profits. Meanwhile, a firmer U.S. dollar and climbing bond yields tend to drain energy from crypto markets. Add in recent liquidations, which signal that leveraged positions are getting squeezed, and you've got a setup where $112,000 becomes a critical line to watch.
If buyers can hold $112,000 and push back above $120,000, there's a shot at another run toward $124K. But if that support gives way, a retest of $100,000 is on the table—a level that carries serious psychological weight for the market.
Peter Smith
