Well, it’s been a rough few days for Bitcoin. The price has definitely taken a hit, but honestly, it could be worse. Since late August, it’s managed to stay above that $108,000 mark. That’s something, at least. Still, the overall feeling in the market seems to be leaning bearish for the longer term. It’s hard to say for sure, but the charts are pointing toward more potential downside.
Where is the price headed next?
The main story here is that Bitcoin tried to correct upward but got pretty firmly rejected at the $112,000 level. It just couldn’t push through. For any real positive momentum to kick back in, it would need to break that barrier and get back above the moving averages. If it doesn’t, and if it slips below the $108,000 support… well, things could get messy. A drop down toward $105,000 seems to be the next logical step. Some technical indicators are even suggesting a possible fall to around $104,974. That’s a very specific number, I know. It’s based on something called the 1.618 Fibonacci extension, which traders tend to watch.
A look at the technical indicators
Right now, the price is sitting below the key moving averages on the daily chart. The 21-day simple moving average is also below the 50-day, which isn’t a great sign. It typically suggests there’s more downward pressure. But it’s not all one-sided. On the shorter-term 4-hour chart, there was a bit of a recovery that pushed the price above these averages. The problem? Those attempts were met with strong selling pressure right at $112,000. You can see it in the long wicks on the candlesticks—it’s like the market said “nope, not today” every time it got near that point.
The battle between bulls and bears
So what happens now? For the moment, Bitcoin seems to be stuck. It’s bouncing between a support level around $107,000 and that stubborn resistance at $112,000. It’s in a bit of a standoff. The next significant move will probably depend on which one of these levels breaks first. A break above $112k could see it try for the next supply zones, while a drop below support might confirm those bearish predictions.
Of course, this is just one look at the charts. It’s important to remember that this is all based on technical analysis and past performance. It’s not a crystal ball. The crypto market is famously volatile and can turn on a dime based on news or just market sentiment. Always do your own research and never invest more than you’re comfortable losing. This isn’t financial advice, just an observation of what the charts are showing us right now.
