Bitcoin News Today: Bitcoin Traders Watch $113,000 Pivot Amid Bullish and Bearish Battle

Bitcoin's price has entered a pivotal stage as traders and analysts closely watch the $113,000 level, a key battleground between bullish and bearish forces. After hitting a peak of $123,236 earlier this year, the cryptocurrency has experienced a short-term downtrend, raising concerns about the sustainability of its recent gains [1]. Over the last hour, Bitcoin has traded between $113,561 and $113,800, with a market capitalization of $2.26 trillion [1]. The past 24 hours have seen a trading volume of approximately $49.17 billion, with intraday fluctuations ranging from $112,680 to $115,899 [1], highlighting the heightened volatility and uncertainty in its immediate direction.

Technical analysis of Bitcoin’s price movement reveals a complex picture. The daily chart shows a decline from recent highs, suggesting a short-term bearish trend [1]. Sell volume near the top indicates a possible distribution phase, with resistance forming between $118,000 and $120,000 [1]. On the support side, the $112,680 to $113,000 range has historically provided a strong floor, and if the price revisits this area with reduced selling pressure, it could trigger a bullish re-entry [1]. However, failure to reclaim the $117,000 level with strong volume would reinforce bearish sentiment and prompt exits from short-term positions.

The 4-hour chart underscores the bearish momentum, with bearish engulfing candles and weak recovery attempts marked by low-volume green candles [1]. Price has touched the support at $112,680, but lacks the strength to break out of the $112,500 to $114,500 consolidation zone [1]. A decisive move above this range with strong volume could initiate a short squeeze toward $116,000, while a breakdown below $112,500 would signal continued downward pressure.

On the 1-hour chart, Bitcoin has formed a structure of lower highs and lower lows, reinforcing the bearish bias in the short term [1]. While there has been a modest bounce from the $112,680 level, the volume remains low, and the candlestick patterns lack conviction [1]. Immediate resistance is seen at $114,200 to $114,500, and a clean breakout above this level could prompt a short-lived bullish move. However, failure to hold above $113,000 increases the risk of accelerated downside momentum.

Oscillators like the RSI and Stochastic are neutral, while the CCI and momentum indicators suggest potential bullish conditions [1]. In contrast, the MACD shows bearish signals, and the ADX and Awesome Oscillator remain neutral, reflecting the market’s indecision. This mixed technical environment suggests the outcome will depend heavily on volume and breakout confirmation [1].

Moving averages reinforce the divergence in market sentiment. Short-term indicators like the 10, 20, and 30-period EMAs and SMAs are above the current price, suggesting bearish bias, while long-term indicators such as the 50, 100, and 200-period EMAs and SMAs are below, indicating bullish momentum [1]. This divergence signals a transitional phase, with long-term investors staying optimistic while short-term traders react to near-term weakness.

Analysts have provided divergent outlooks. A bullish scenario envisions Bitcoin maintaining support above $112,500 with tapering sell-side pressure, leading to a potential move toward $116,000 and a retest of $118,000 [1]. Continued strength in the long-term moving averages could support this bullish scenario. Conversely, a bearish outcome would occur if Bitcoin fails to hold the $112,500 level and faces rejection near $114,500, accelerating the downtrend toward $110,000 [1]. This would be supported by weak momentum indicators and lackluster buying interest, increasing the risks for bullish entries.

Bitcoin’s next move will depend heavily on how traders react to these key levels and whether broader market sentiment shifts. Positioning near support or resistance with volume confirmation remains critical for managing risk in this high-volatility environment [1].

Sources:

[1] Bitcoin Price Watch: Bulls and Bears Clash at Key $113K Pivot – https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=bitcoin-price-watch-bulls-and-bears-clash-at-key-113k-pivot