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Bitcoin’s Rise to $116,353 Seen as a “Dead Cat Bounce”
Technical analysis results suggest that today’s rise of Bitcoin to $116,353 is likely a “dead cat bounce.”
CryptoQuant analyst AJ Maartun reported with concern that eight out of ten indicators used by his firm to assess the strength of the bullish trend are now in the bearish zone. This indicates that the upward trend, which began on September 1, is losing steam, and Bitcoin’s price is likely to head downward soon.
The only indicators still pointing to a bullish continuation are “Rising Demand Levels” and the “Technical Signal,” which reflects overall BTC blockchain metrics. Other indicators — such as the “Profit and Loss Index,” “Network User Activity,” and “Realized Value” — have fallen into the red zone.
Bullish Trend Indicators
The last time eight out of ten indicators pointed to a Bitcoin decline was in April 2025. After that, the coin’s value dropped by 16%, from $88,637 to $74,029. Therefore, the current seemingly positive market situation risks turning into a sharp dump.
If a bearish trend emerges, Bitcoin’s price could fall to the first support barrier around $112,862, which corresponds to the 23.6% Fibonacci retracement level based on the pump from $74,638 to $124,517. If this barrier is broken, the asset’s value could decline further to $105,603, aligning with the 38.2% Fibonacci retracement level.
See also: "Ethereum Rainbow Chart outlined ETH price for September 30"
