Bitcoin News Today: Bitcoin May Drop to $112,905 Before Reclaiming $124,514 Fibonacci Mark

Bitcoin’s technical outlook suggests a potential decline to $112,905 before attempting to reclaim a key Fibonacci resistance level at $124,514, according to a July 24, 2025, analysis by market commentator BigMike [1]. The cryptocurrency broke out of a triangle formation at $119,139 but lacks the momentum to confirm a sustained bullish trend, indicating the price remains in a corrective phase. This scenario aligns with an Elliott Wave framework where Bitcoin is navigating a complex ABC correction pattern, with wave C projected to target the $112,905 or $111,500 zones before a potential reversal [1].

The price has oscillated between $116,191 and $121,452 recently, with volume data highlighting accumulation clusters near $117,716 and $116,800. These levels could act as short-term support during the anticipated wave C decline. If Bitcoin holds above these thresholds, a rebound toward $122,866 resistance may follow. However, the absence of strong volume during the triangle breakout underscores the market’s indecision, complicating efforts to establish a clear trend [1].

Fibonacci extensions at 1.618 and 2.618 levels reinforce the $112,905 target as a critical inflection point. A successful bounce from this level could validate the completion of the corrective sequence and set the stage for a rally toward $124,514, a key Fibonacci resistance tied to the peak of wave 1 at $121,267. Traders will closely monitor whether Bitcoin can reclaim this level with conviction, as it would signal a potential resumption of the broader uptrend [1].

Momentum indicators like the Stochastic RSI and RSI with moving average overlays show mixed signals. While the Stochastic RSI recently turned upward from oversold territory, the lack of sustained volume and fragmented price action limit the likelihood of a powerful breakout. The 30-minute chart remains confined within a corrective range, with no definitive trend emerging since the start of wave B. A decisive break above $122,866 with strong volume is required to de-escalate the correction phase [1].

BigMike’s analysis emphasizes that the market structure remains unresolved, with the triangle breakout lacking impulsive strength. If prices revisit the $113,000 area and stabilize, a technical case for a $124,514 move becomes viable. Until then, Bitcoin is expected to trade within a wide consolidation range, offering both risks and opportunities for short-term participants [1].

Source: [1] [Bitcoin May Drop to $112,905 Before Reclaiming $124,514 Fibonacci Mark] [https://cryptonewsland.com/bitcoin-drop-to-112905-before-124514-fib/]