Bitcoin's bounce around $108,000 signals a potential move towards $112,000, challenging a crucial resistance level. Breaking through this barrier could confirm bullish momentum, paving the way for further gains up to $120,000-$125,000. In-depth analysis.
Bitcoin is currently trading around $109,000-$110,000, after experiencing a 6.5% decline in August. However, on-chain data shows increasing whale accumulation and solid support levels, keeping $112,000 in sight. A decisive break above this resistance could trigger bullish momentum, pushing BTC toward $120,000-$125,000.
Technical signals are also improving, with RSI approaching neutral levels and bullish MACD crossovers, suggesting strengthening momentum. However, failure to break through $112,000 could lead to consolidation between $98,000 and $105,000.
Bullish Scenario:
Bearish Scenario:
Ultimately, Bitcoin is at a crucial crossroads where the $112,000 level will be decisive for the market’s future direction. A decisive breakout would pave the way for a new bullish rally, while rejection risks prolonging a consolidation phase.
In conclusion, the coming days will determine Bitcoin’s direction for September. Beyond key levels, the Federal Reserve rate announcement scheduled for September 17 will be a pivotal point, one way or the other. According to the latest news, the probability of a rate cut has surged to 89%. A situation worth monitoring closely.
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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