Bitcoin Eyes $114K–$116K if $107K Support Holds
Bitcoin is trading around $108.5K with technical indicators signaling an oversold condition. The RSI sits at approximately 33.8, suggesting fading selling pressure and a potential short-term relief bounce to $114K–$116K, provided the $107K–$108K support zone holds. On-chain realized price bands mark immediate resistance at $112.2K and strong support near $98.7K. A break below $107K could trigger deeper corrections toward $104K–$105K and ultimately the $98K–$100K band. The MACD histogram remains negative but contracting, reinforcing the rebound thesis. Analyst Javon Marks expects a full reversal to $123K if Bitcoin reclaims $112.2K and breaks above $120K, though sustained momentum will be crucial. Traders should watch order-book liquidity around support and resistance levels, monitor rising RSI and contracting sell-side volume for confirmation, and maintain strict risk management. Key levels to track: support at $107K–$108K, resistance at $112.2K and $114K–$116K, and downside floor at $98K–$100K.
Bullish
Bitcoin’s RSI near 33.8 and a contracting MACD histogram indicate waning selling pressure, often preceding short-term rebounds—similar to the 2021 rallies from oversold levels. The $107K support aligns with historical on-chain price bands, while reclaiming $112.2K resistance and breaking above $120K would confirm a broader uptrend. Although failure to hold support could trigger deeper corrections, current oversold conditions and on-chain support suggest a bullish bias in the near term. Traders should still manage risk around key levels. Long-term, Bitcoin’s recovery patterns post-oversold reinforce a positive outlook.