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ポスト 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.
More Must-Reads:
- Crypto Crash Could Worsen as Bitcoin Inches Towards New Death Cross
- Whales Dump $1B in Dogecoin – Panic or Perfect Entry?
- Solana’s Structure Signals Danger if $200 Fails
どう思う？
Join Techgaged on Telegram
Get first-access to daily trending tech stories, AI breakthroughs, and more, before it hits your feed.
