Bitcoin Rebounds Above $115,000: What Does Technical Analysis Say About Its Next Move?
Traders and technical analysts are divided about whether Bitcoin (CRYPTO: BTC) is starting to lose momentum or if the recent dip is just a brief period of weakness.
What Happened: Bitcoin is still holding bullish momentum, according to CryptoQuant, with Long-Term Holders (LTHs) showing strong conviction and staying deep in profit territory (NUPL > 0.5).
However, Short-Term Holders (STHs) are beginning to take partial profits, which is introducing short-term selling pressure.
CryptoQuant macro analyst Axel Adler Jr says the market is showing signs of late-cycle behaviour, with diminishing returns on each new price leg.
A key metric that peaked above 1.9 in March and December 2024 is now forming lower highs, signaling increased selling pressure from holders.
Despite expectations of two Fed rate cuts later this year, Adler sees potential for two more rallies before demand gives way to a correction phase.
Why It Matters: Crypto trader Viktor argues the Bitcoin bottom may already be in, citing several bullish signals like equities grinding upward, Coinbase premium returning, and a volatile Bitcoin weekend bottom that likely left many traders underexposed, indicating sideline capital may soon re-enter.
Viktor anticipates a range-bound phase for Bitcoin and Ethereum while most altcoins stay weak. He plans to short underperforming altcoins as prices climb.
What's Next: Trader Crypto Chase laid out two strategies for going long on Bitcoin:
- Buy a confirmed breakout above $117,000, ideally on a retest.
- Enter around $110,000–$111,000, targeting stop hunts just below current consolidation, where many tight stop-losses are likely clustered.
El Crypto Prof sees Bitcoin retesting after a breakout from a seven-month inverse head-and-shoulders pattern, a bullish structure with a projected target of $155,000–$161,000, reinforcing the view that dips are buying opportunities.
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Posted-In: Cryptocurrency News
