The cryptocurrency market is buzzing with anticipation as Bitcoin (BTC) continues to hover around the $111,300 mark. Despite a daily gain of 0.93%, the leading cryptocurrency has seen a 2.13% dip over the past week, according to CoinGecko. Analysts remain divided, with some predicting that the current correction may still extend before bullish momentum returns. As September nears, all eyes are on critical support and resistance levels that could determine Bitcoin’s next move.
Critical Support and Resistance Levels
Bitcoin’s market correction is believed to be 50–70% complete, with key support sitting at the 38.2% Fibonacci retracement level and the 200-day simple moving average (SMA). These levels are acting as magnets, drawing close attention from traders and analysts alike. The potential for manipulation around these critical points has some experts warning of wicks toward the 0.618 Fibonacci zone, although the broader bullish structure remains intact.
Notably, the $112,000 mark has emerged as a crucial resistance level. A decisive 4-hour close above this level is seen as a potential signal of strength. On the flip side, if Bitcoin fails to break through $112K, analysts caution that a slide down to $105,000 could be in play.
Market Sentiment Remains Divided
Trader and analyst XForceGlobal suggests that the ongoing correction phase may still have room to stretch out.