Bitcoin Price Hits Resistance at $113K, Eyes $110K Support
Bitcoin price faced another rejection near the $113,000 resistance level, pushing BTC back toward $110,000 support. Traders observed a dip from intraday highs as selling pressure intensified at the $113K zone. The short-term trend remains range-bound between $110K and $113K until a decisive breakout occurs. Lower trading volume on major crypto exchanges suggests hesitation among buyers, while on-chain metrics show a modest rise in active addresses. Analysts note that a sustained close above $113K could signal a bullish continuation toward $115K–$120K targets, whereas a break below $110K may trigger deeper correction to $105K. With key macro indicators and Bitcoin’s halving approaching, market participants are closely monitoring support and resistance levels. Technical analysis tools like moving averages and RSI point to consolidation, indicating limited volatility until a clear directional catalyst emerges.
Neutral
The neutral outlook stems from Bitcoin’s repeated rejections at the $113K resistance and the firm hold of $110K support. Historically, similar range-bound consolidations—such as the mid-2021 $60K–$64K channel—preceded both sharp breakouts and sharp pullbacks. Current low trading volume and mixed on-chain metrics suggest indecision among large holders. In the short term, traders may continue to play the range, buying near $110K and selling near $113K. For the long term, a decisive break above $113K could trigger renewed bullish momentum toward $120K, while failure to defend $110K risks deeper corrections. Until a clear directional catalyst emerges—be it macro data, regulatory news, or halving developments—the market is likely to remain neutral.