With the majority of assets in the cryptocurrency market back to their consolidation phase, Bitcoin (BTC), as the industry representative, is no exception, and all eyes are on the $117,500 zone as the wall that the maiden crypto has to break to continue upwards.
Specifically, BTC has been ranging tightly between $114,800 and $116,800 on its daily chart, with multiple retests of overhead resistance failing to yield a decisive breakout, according to the observations by the popular crypto trading expert Michaël van de Poppe in an X post on September 16.
As it happens, the $117,500 barrier represents both technical resistance and a psychological milestone, making it a key battleground for bulls and bears alike. If Bitcoin clears this zone, the analyst argues the market could quickly accelerate toward the $123,000 region and potentially higher.
On-chain data supports bullish case
Meanwhile, on-chain data reinforces this moment of tension, with fellow crypto trading expert Ali Martinez highlighting Glassnode’s Sell-Side Risk Ratio that recently dropped below 0.1%, which is a historically rare level that often aligns with local bottoms, accumulation phases, and periods of low sell pressure.
In past cycles, similar readings have preceded powerful rallies, as sellers exhaust themselves and buyers step in with conviction.
Still, not all signals are purely bullish. Bitcoin’s inability so far to convincingly break the $117,500 ceiling suggests that bears are still defending the level aggressively. A rejection here could see BTC retrace to the $114,000 – $112,000 support range, where traders may once again look for fresh entries.
For the time being, the flagship decentralized finance (DeFi) asset is trading at $115,654.91, which indicates a 0.68% increase in the last 24 hours, an advance of 2.39% across the previous seven days, and a decline of 2.3% on its monthly chart.
All things considered, Bitcoin is approaching a decisive moment with volatility compressing and key technicals aligned. Whether the $117,500 wall breaks or holds will likely set the tone for the next leg of the market, be it a surge to new highs or a reset before the next attempt.
What do you think?
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