- Bitcoin hovers at $113,000, with $115,000 as the next resistance target.
- A drop to $106,000-$108,000 could signal a buying opportunity if support fails.
- Macro events like Powell’s speech may impact BTC’s short-term direction.
Bitcoin Holds Steady Near $113K Amid Volatility
Bitcoin (BTC) is at a pivotal moment, with traders closely monitoring key support and resistance levels following a volatile session. Renowned analyst Michaël van de Poppe recently shared a detailed chart on X, highlighting critical price points that could dictate BTC’s next move. Currently trading around $113,000 after a $1.7 billion liquidation event, Bitcoin faces a make-or-break scenario. Van de Poppe suggests that holding the current support zone could propel BTC toward $115,000, a clear resistance level. However, a failure to hold might trigger a cascade to $106,000-$108,000, presenting a potential buying opportunity.
Potential Buying Opportunity on a Dip
The chart, created with TradingView, marks a “retest” zone where BTC is testing its strength. A new all-time high (ATH) and liquidity have been taken, followed by a quick retracement, signaling market uncertainty. The analyst notes that if history repeats, a drop below the current level could be a great entry point for buyers, with the $105,000-$108,000 range identified as an area to start looking for buys. This aligns with broader market sentiment, where bold forecasts from figures like Arthur Hayes ($250,000 by year-end) and Grant Cardone ($1 million in two years) fuel optimism amid macroeconomic shifts.
Range-Bound Market Awaits Clear Breakout
Traders should keep an eye on upcoming events, such as Federal Reserve Chair Jerome Powell’s speech, which could influence BTC’s trajectory. The interplay of support at $112,000 and resistance at $115,000 will be decisive. For now, the market remains range-bound, with volatility expected as investors gauge whether Bitcoin can sustain its upward momentum or face another correction.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
