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Bitcoin’s Current Weakness Could Push Price Down to $108,000
Crypto analyst BitcoinHyper believes that Bitcoin may face a bearish trend after breaking key support levels. While a short-term rebound is possible, the overall outlook remains cautious. Traders are advised to manage risk amid unstable market conditions.
On the 1-hour BTC chart, the price bounced several times from the $112,700 mark, leading to a brief recovery, while the $114,800 level acted as a key resistance.
Since then, the cryptocurrency has retraced, holding intraday support. A bearish breakdown of this level could drive the price toward $110,000, while a break above $114,800 could push it to the next resistance around $116,500.
Earlier this week, Bitcoin broke through key weekly and horizontal support levels, confirming a downtrend on the 1-hour, 2-hour, and 4-hour charts. The analyst’s ideal scenario is a short-term rally to around $119,000 due to a potential short squeeze that could liquidate traders betting against BTC.
After any rebound, Bitcoin may enter a deeper correction to $108,000, and in the worst case — down to $18,000 if a larger rising wedge forms. Oversold signals on the daily RSI and stochastic oscillator point to a temporary rebound, but the overall trend remains bearish.
Bitget’s Chief Analyst Ryan Lee believes Bitcoin will trade in the $112K–$118K range, as profit-taking and cautious sentiment continue to affect price action. Rising leverage in the futures market could amplify volatility, making BTC more prone to sharp swings.
Lee also noted that macroeconomic factors, including Federal Reserve decisions, may influence price direction. The market currently reflects a balance between potential rebound opportunities and the risk of further correction, driven by structural demand and heightened speculative activity.
See also: "Bitcoin price has not yet reached peak levels within the current cycle"
