Bitcoin (BTC) failed to break the critical $112K resistance level, triggering a sharp rejection and renewed debate about the market’s next major move. While some traders see weakness, others believe the pullback is simply a reset before a new all-time high (ATH).
Key Takeaways:
- Bitcoin rejected at the key $112K resistance zone.
- Traders say a breakout above $112K = new ATH scenario.
- Everything below $112K viewed as a buy-the-dip opportunity.
BTC Faces Critical Resistance at $112K
As it happens, Bitcoin’s rejection at $112K reinforces this region as the most important level on the chart, and a clean breakout above it would likely trigger price discovery and set up a fresh ATH, according to the analysis shared by crypto expert Michaël van de Poppe in an X post on November 4.
Until then, the renowned crypto trading specialist says dips below this level continue to offer “a great buying opportunity,” emphasizing that long-term structure remains intact.
Indeed, recent price action shows rising support demand zones beneath the rejection level, with heavy accumulation interest visible between $107K and $103K, according to order flow analysis. This aligns with a market psychology phase where early euphoria cools temporarily before momentum resumes if bulls hold support.
For now, the flagship decentralized finance (DeFi) asset is trading at $103,766.59, recording a 3.2% dip in the last 24 hours, losing 9.38% across the previous seven days, and accumulating a loss of 15.53% on its monthly chart, per the latest data.
All things considered, a bull case would see BTC reclaiming $112K and blasting toward a new ATH. On the other hand, continued resistance would lead to a deeper pullback toward the $103K liquidity zone. However, while short-term turbulence persists, analysts remain bullish – if Bitcoin trades above major support and buyers continue to treat dips as opportunities.
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What do you think?
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