As the larger part of the cryptocurrency industry slowly sails into greener waters, Bitcoin (BTC) bulls seem to be winning against bears, and the flagship decentralized finance (DeFi) asset is testing a critical resistance level at $112K that could set the tone for the next market phase.
Specifically, the $112,000 zone has become the battleground where bulls and bears have been clashing repeatedly, and popular crypto trading expert Michaël van de Poppe believes a successful breakout above it would be a major trigger for the entire market, per his analysis on September 10.
On the other hand, he earlier said that, “if Bitcoin tests the lows or gets towards the $103-105K region, I’m sure everyone will say the bear market has started. And forget to long the markets,” suggesting this could trigger misplaced bear fears.
Why $112K matters
Indeed, charts show that $112,000 has repeatedly acted as a ceiling where selling pressure stacks up, halting upward moves. Each failed attempt has strengthened the perception of this level as a major line in the sand. Multiple wicks on recent candles highlight rejection shadows that bulls couldn’t sustain.
Confidently breaking through this barrier would signal renewed strength and could invite sidelined traders back into the market. On the flip side, another rejection risks draining momentum and sending BTC back toward support levels that could spook retail investors.
For the time being, it seems that the maiden crypto asset has met van de Poppe’s optimistic expectations, as it is currently trading at the price of $114,056.12, advancing 1.59% in the last 24 hours and accumulating an increase of 2.32% across the previous week, as it moves to remove the 4.94% decline from its monthly chart.
All things considered, the market’s eyes were previously locked on $112,000, but Bitcoin has already managed to break it through. Still, if it gets pushed back below this critical line, it could lead to a sobering correction. For now, things are looking good.
What do you think?
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