Bitcoin Must Hold $114K and Boost Volume to Break $115K
Bitcoin price has rallied 10% from mid-October lows but stalled near $115K amid weak trading volume and subdued on-chain metrics. Analysts warn that sustaining the recovery depends on defending the $114K support level and reclaiming key moving averages — notably the 21-week EMA around $114.5K and the 200-day EMA near $114K. On-chain data from Glassnode shows spot cumulative volume delta remains negative and spot volumes are down 17.5% over the past week, indicating consolidation. A rebound in spot trading volume and on-chain activity, supported by favorable RSI readings and a potential Federal Reserve rate cut, could ignite the next Bitcoin breakout toward the all-time high near $126K.
Bullish
The analysis underscores that Bitcoin’s ability to hold the $114K support and recapture critical EMAs is pivotal. Weak trading volume and negative cumulative volume delta suggest a consolidation phase, making short-term price action tentative. However, favorable RSI readings and the prospect of a Federal Reserve rate cut provide a supportive macro backdrop. If spot volume and on-chain metrics rebound, it is likely to ignite bullish momentum and trigger a breakout toward previous highs around $126K. Thus, while short-term volatility remains, the overall outlook turns bullish once key technical and on-chain thresholds are reclaimed.