ScottMelker

Bitcoin closed just below $112,000 yesterday, once again reinforcing that this level is the key resistance to watch. The market has struggled here repeatedly, with sellers stepping in every time price presses into this zone. That failure to close convincingly above $112K keeps the short-term picture cautious and suggests bulls still have work to do. The broader structure remains tricky. Since mid-August, each rally attempt has topped out lower than the last, raising the possibility that Bitcoin is putting in yet another lower high. If that pattern holds, the next logical move would be a retest of the $108,000 support zone — an area that has already seen multiple tests but continues to provide a reliable floor. Right now, Bitcoin is trapped in a tight range between $108K and $112K. A breakout above resistance could finally shift momentum back toward the $115K–$117K zone, but another rejection here would keep the consolidation in play and increase pressure on that $108K support. In short — yesterday’s close below $112K shows bulls haven’t won the battle yet. Until this level is broken with conviction, the risk of another lower high remains firmly on the table.

Bitcoin closed just below $112,000 yesterday, once again underscoring the significance of this level as the key resistance in the current structure. That zone has been the battleground for weeks now – and while bulls have managed to defend support around $108K–$109K, they’ve yet to prove they can flip $112K into support. The pattern is becoming increasingly clear: unless BTC can push and hold above $112K, it risks putting in another lower high. Sellers continue to step in at this level, keeping upward momentum capped and forcing price to oscillate within a narrowing range. On the downside, the shaded support region at $108K–$109K remains the line in the sand for bulls. A breakdown there would expose the long-term trendline and major support closer to $101K. Until then, Bitcoin is trapped in a well-defined range, with $112K as the ceiling that must break to shift momentum decisively back in favor of the bulls.

Bitcoin rebounded strongly from the $108K–$109K demand zone yesterday but never came close to retesting the $112K resistance. That leaves the setup largely intact: $112K remains the ceiling that bulls need to reclaim, while $108K continues to act as the key floor. For now, price action is trapped between these two levels, with no clear momentum from either side. Until one of them gives way, expect rangebound trading.

Bitcoin continues to grind around a critical level – the $112,000 zone. This area acted as support throughout July and early August, but yesterday’s daily close confirmed it has now flipped into resistance. Today’s candle attempted to push back above it, but price was swiftly rejected – underscoring its importance. On the downside, the shaded region between roughly $108,000 and $109,000 remains the key demand zone. Buyers have stepped in there multiple times this month, keeping Bitcoin from breaking lower. A clean daily close below this range would likely open the door to a deeper move toward $101,000 – the next major support level. As it stands, Bitcoin is caught between $112,000 resistance and $108,000 support. A decisive break either way should dictate the next trend. Bulls need a strong close back above $112,000 to regain momentum, while bears are eyeing a breakdown into the low $100Ks. Until then, expect continued chop around this level – with $112,000 remaining the line in the sand for both sides.

Bitcoin closed yesterday back under the key $112K level – confirming it as resistance. But midway through today’s session, BTC is trading near $113K – a sharp intraday recovery that puts the reclaim scenario back on the table. This makes $112K the clear pivot to watch. If today’s candle can close above it, that would mark a proper reclaim and strengthen the case for another push toward the range high near $123K. Failure to hold above $112K, however, would keep price stuck in chop – and put the $108K–$110K demand zone back in play. The bigger picture hasn’t changed – $112K is the battleground. Bulls need a daily close above it to confirm momentum, while bears will want to see this level act as a ceiling again. Until then, expect volatility around this line in the sand.

Bitcoin is struggling to reclaim the $112,000 level – a key support that has now flipped into resistance. After breaking down last week, price retested this zone and failed to close back above it, confirming it as a new ceiling for the time being. The daily chart shows that momentum has weakened since the rejection near $123,000, with lower highs and lower lows forming over the past two weeks. The 50-day moving average, which had been acting as dynamic support, has also rolled over and now sits above current price – another bearish sign. Volume tells a similar story. The initial breakdown below $112,000 came with a spike in activity, while the subsequent bounce attempts have been met with lighter participation. That suggests buyers are hesitant to step in aggressively until a stronger level of support is tested. The most obvious downside target is the $100,700 area – the next significant horizontal level on the chart. A deeper pullback could even revisit the longer-term trendline near $98,000, though that would likely require further weakness across risk assets. For bulls, the path forward is clear: reclaim $112,000 with conviction, ideally on strong volume, and then work toward building higher lows. Until that happens, the market is at risk of grinding lower. In short: $112,000 is the line in the sand. As long as price trades below it, the bias tilts bearish with $100,700 as the next key level to watch.

Bitcoin is sitting in a critical spot on the weekly chart, trading just above the $112K support zone after several weeks of drifting lower from resistance around $123K. This range – $112K to $123K – has become the battleground for momentum. If BTC can reclaim and close above $123K, the door opens to fresh highs, but a failure to hold $112K puts the $100.7K demand zone directly in play. Below that, deeper supports sit at $89K and $73.8K, levels that previously acted as springboards for rallies. The good news for bulls is that the broader trend remains intact: the rising 50-week moving average is well below price, signaling structural strength. Volume has been moderate during the recent pullback, suggesting consolidation rather than a major reversal. In short, BTC is mid-range, with $112K as the line in the sand for bulls – lose it, and the next real test is $100.7K. Hold it, and a push back to\$123K becomes the obvious target.

Bitcoin has pulled back after failing to break cleanly above resistance at 123,231. That rejection, marked by the long wick on the recent candle, signaled strong selling pressure near the highs. Since then, price has retraced sharply and is now testing the key support zone around 112,000. The 50-day moving average (blue line) was lost during the decline, showing weakening short-term momentum. If bulls cannot defend the 112k level, the next clear support lies closer to 100,703, which also aligns with the longer-term volume and trend structure. On the upside, buyers need to reclaim 114k–116k to re-establish momentum and challenge the highs again. For now, the market remains in a range between 112k support and 123k resistance, with no clear breakout direction. Until price resolves this consolidation, expect continued choppiness and failed moves in either direction to set the tone.

First, yesterday was one of the statistically rare times that bullish divergence fails on the Bitcoin chart, but it obviously happens. There was only a small bounce and both price and RSI made lower lows on the 4-hour chart. Bitcoin has pulled back sharply from its recent local high at $123,231, where sellers stepped in aggressively and rejected price with a long wick to the upside and bearish divergence. That rejection has now pushed BTC below the 50-day moving average, flipping it into resistance for the first time since June. The immediate battle is at $112,000 – a key level that served as resistance during the July breakout and is now being tested as support. If this level holds, bulls can regroup and make another push toward the highs. If it fails, the next major demand zone doesn’t come in until around $100,700, a level that absolutely must hold to preserve the broader bullish structure. The good news – this still looks like a healthy correction within an uptrend. The market had run hot after July’s breakout, and profit-taking at resistance was inevitable. For now, the bull market structure remains intact as long as Bitcoin stays above six figures. In short – the trend is still your friend, but the $112K line is the battleground. Lose it, and we’re likely staring at a deeper correction. Hold it, and $123K comes back into play quickly. We are ranging between those two levels.

Bitcoin is showing bullish divergence coming out of oversold RSI on the 4-hour chart. As you know, this is my favorite signal. That said, I want to see a clearer “elbow up” on RSI to confirm. Remember, there was a bearish divergence with overbought RSI at the recent top… as usual.