Bitcoin Faces a Pivotal Moment: Will It Surge to $117k or Retreat to $108k?

Bitcoin’s recent price movements have captured significant interest as it nears the pivotal $113,000 mark, which serves as both a psychological and technical milestone. Market observers are watching closely to see if buyers can push the price above this resistance, a level that has previously proven difficult to surpass. Both institutional and individual investors are zeroing in on the $113,000 area, with on-chain metrics showing that mid-sized and institutional investors have been accumulating more coins Bitcoin (BTC) Bulls Target $113,000 Resistance: Breakout Ahead? [ 1 ]. If Bitcoin manages to stay above this threshold, it could reignite bullish momentum and drive prices toward $117,400 or higher, but failing to do so might lead to another test of lower support zones.

could then aim for $117,400 and possibly further, whereas losing steam at this level may result in a pullback to previous support.

Technical signals are sending mixed messages. The Relative Strength Index (RSI) has climbed back above 50, which is typically seen as a bullish indicator and has historically preceded renewed buying pressure Bitcoin Creeps Up To $113,000, But Isn't This Just A Dead Cat Bounce [ 2 ]. On the other hand, the Moving Average Convergence Divergence (MACD) remains negative, with its histogram still in the red and the crossover lagging behind. This contrast reflects ongoing uncertainty in the market, as short-term momentum is still weighed down by bearish undertones. The 4-hour chart highlights a crucial challenge at the $113,000 resistance; if this level turns into support, it could spark a breakout from the current ascending channel Bitcoin Price Forecast: How low can BTC go? - FXStreet [ 3 ]. Conversely, dropping below this point could lead Bitcoin into a period of sideways trading or a deeper correction.

On-chain data further emphasizes the strategic significance of the $113,000 region. According to UTXO Realized Price Distribution (URPD) figures, 5.5% of all Bitcoin has changed hands in the $110,000–$113,000 bracket, pointing to strong buying interest from long-term investors Bitcoin Price Drop To $113K Before New FOMC Highs Possible [ 4 ]. This price range has become a key battleground, with activity from large holders and institutions shaping the market. Since March 2024, whale wallets (holding 1,000–10,000 BTC) have reduced their balances by 324,000 BTC, while “Shark” wallets (100–1,000 BTC) have accumulated close to 1 million BTC, indicating a redistribution of holdings Bitcoin Eyes $113K Support as Critical Test Looms Ahead of … [ 5 ]. Experts believe that this shift from larger to smaller holders could help stabilize prices, provided the $113,000 level remains intact.

Investor sentiment is still split. While positive signs such as increasing inflows from retail and whales suggest the potential for a measured upward move, caution remains. If Bitcoin can close a 4-hour candle above both the 200-day simple moving average and the 1.272 Fibonacci extension near $113,000, it may attempt to challenge the $114,000–$114,400 resistance area. However, recent liquidation data shows that $1.70 billion in crypto positions were wiped out in 24 hours, with 95% of losses coming from long positions, highlighting the vulnerability of the current rally. Despite this, institutional appetite is strong, as evidenced by $886.65 million flowing into Bitcoin ETFs over the last month.

Wider macroeconomic factors add further uncertainty. With the Federal Open Market Committee (FOMC) meeting on the horizon and speculation about potential U.S. interest rate cuts, Bitcoin’s trajectory could be swayed by changes in monetary policy Bitcoin Eyes $113K Support as Critical Test Looms Ahead of … [ 5 ]. If the economy achieves a soft landing without a recession, altcoins could benefit as Bitcoin’s dominance, now at 57.21%, might decline; however, a move back above 60.28% could help sustain the bull market. Analysts warn that if Bitcoin falls below $113,000, it may prompt a reassessment of its outlook, with $108,000 and $107,245 identified as crucial support levels to watch.