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With the Bitcoin price hitting roadblock after roadblock, the next direction looks to be down, with sell pressure mounting up. There have also been crashes below major support levels, such as $112,000, that continue to hinder the growth of the digital asset. This has turned these former support levels into resistance, and one in particular remains a hindrance to the uptrend. If the resistance at $114,000 continues to hold, then Bitcoin investors may be in for a terrible time.
Bitcoin Price Remains At Risk Of Crash
According to crypto analyst BitBull, the recent rejection of the Bitcoin price from the resistance before $114,000 is a major source of concern. This has cast a shadow over every recovery that the Bitcoin price has staged recently, with the bears still holding a significant amount of power over the price.
In the analysis, BitBull pointed out that the $114,000 level remains the level to beat if there is to be a significant recovery. Specifically, the Bitcoin price would have to reclaim this level on the daily timeframe and hold it before further uptrends can occur.
Another problem that the cryptocurrency is facing is the timeframe issue. The crypto analyst also points out that the Bitcoin price would need to reclaim $114,000 to increase its chances of an uptrend. This is because the longer it takes for the price to cross $114,000 on the daily timeframe, the higher the chances that the price will crash further. Until this happens, though, BitBull says any recovery is just a bull trap and could precede the next wave of declines.
Source: X
Where BTC Could Be Headed From Here
Another crypto analyst, Mags, has also called out the possibility that the Bitcoin price could see a crash from here. This time around, the level of interest is much lower than the $114,000 that BitBull called out, with Mags explaining that $108,000 is actually the point of interest.
This level has served as major support during the recent crash, making it the level to beat for bears if they want to take the Bitcoin price lower. Inversely, it is now the level for bulls to defend against further onslaught, and the demand at this level needs to hold to continue the rally.
If bulls are successful and they have $108,000, then the crypto analyst sees the Bitcoin price going higher, and possibly toward new all-time highs. However, in the case of a breakdown and bears taking over the support at $108,000, then the Bitcoin price is expected to crash below $100,000.
BTC bulls face resistance at $112,000 | Source: BTCUSD on TradingView.com
Featured image from Dall.E, chart from Tradingview.com
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