Bitcoin Heading to $109,000?
Bitcoin is currently trading at $112,480, trapped in a narrow range between the support at $111,500 and resistance at $115,000. Could the king of crypto be heading back to $109,000?
This decline comes as Bitcoin hit its 6H POC at $115,440 and several important short-term moving averages (50 and 100-day).
After establishing support at $110,000 over the weekend, Bitcoin has a high probability of targeting liquidity below, around $109,000 to $108,000.
The Relative Strength Index (RSI) is positioned below the 50 mark, confirming bearish short-term momentum. This technical signal suggests that selling pressure could intensify if bulls fail to defend the current level. A break below $112,500 would open the path to test the $110,000 to $108,000 zone, where significant buy orders might materialize.
However, an alternative scenario remains plausible. If Bitcoin manages to break the $115,000 resistance with substantial volume, the next target would be $117,261. Such a move would invalidate the bearish outlook and could trigger a short squeeze, propelling BTC toward new heights.
Zcash Falls 26%: A Buying Opportunity?
Zcash emerges as the day’s biggest loser with a 10% decline today and 26% since its recent high, a performance that stands out while most altcoins maintain stability. ZEC currently trades at $223, just below the critical support at $224.
The price of $147 appears to be an ideal entry point for investors. Indeed, it corresponds to both a 6H POC and the 20-day MA. Generally, during bullish phases, the 20-day MA serves as a key support synonymous with massive rebounds.
Investors should monitor ZEC closely, as a return to this zone represents a perfect buying signal, with invalidation below $120.
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Crypto Market in Wait-and-See Mode
The total crypto market capitalization (TOTAL) now stands at $3.83 trillion, down 0.57% over the last 24 hours. This contraction follows a weekend marked by high volatility, with significant oscillations that have shaken investor sentiment. The market is now entering a consolidation phase, but caution still dominates.
The support level at $3.81 trillion constitutes the immediate line of defense. A break below this technical threshold could trigger a wave of liquidations and propel TOTAL toward $3.73 trillion, erasing gains accumulated since mid-March. On-chain indicators show a decline in trading volume, a sign that institutional players are adopting a wait-and-see posture amid persistent macroeconomic uncertainty.
Conversely, a bounce above resistance at $3.89 trillion could revive risk appetite. In this bullish scenario, the path toward $4.00 trillion would become accessible again, with favorable technical momentum supported by exponential moving averages maintaining a positive configuration on the daily chart.
In institutional news, Bhutan is taking a major step by migrating its digital identity system from Polygon to Ethereum. This decision will allow 800,000 citizens to securely access government services via the blockchain. The complete migration is scheduled for early 2026, according to Aya Miyaguchi, President of the Ethereum Foundation.
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