Bitcoin’s price established support at the 21-day EMA last week, successfully dodging a more significant downturn after finishing at the lows of the previous week. Bulls successfully held the $107,000 mark, yet momentum faltered just shy of resistance. Bitcoin struggled to maintain a close above $112,500, ultimately wrapping up the week at $111,162. The failure to recover $112,500 underscores a halt in the recent rebound. Maintaining a position above $107,000 has preserved a modest upward bias for the time being.
Market participants are keenly observing if this consolidation will evolve into a foundational support or signify a continuation of the downward trajectory. Currently, 107,000 stands as the crucial line of defense for Bitcoin Price. A breakdown below would shift the focus to lower support zones at 105,000, 102,500, and potentially 96,000. On the upside, 112,500 is the first resistance that needs to flip into support. If bulls succeed in closing the daily above that level, the subsequent target is $115,500. Beyond there lies 118,000 — a formidable barrier that would need a weekly close to confirm a renewed uptrend. The upcoming week may usher in increased fluctuations. On Thursday, September 11th, U.S. inflation data will be released at 8:30 AM. A stronger-than-anticipated report could trigger a risk-off mood and push Bitcoin down, whereas a weaker figure might offer some respite for bullish investors. If Bitcoin price can reclaim $112,500 early in the week, a push toward $115,500 is likely.
The market remains susceptible to another challenge at the $107,000 low if this situation is not addressed. In the long term, Bitcoin needs to surpass $118,000 decisively to regain its upward momentum and deter bearish sentiment. A strong weekly close above this level could attract momentum buyers and enhance sentiment as we move into October. If $107,000 fails to hold, the trajectory shifts toward $105,000 and $102,500, with a potential dip reaching as low as $96,000 before establishing a solid bottom. In light of the recent closing patterns, analysts are warning that another dip remains a possibility.