Bitcoin Price Hits Crucial Resistance: What’s Next?
Bitcoin’s price has been facing a significant hurdle at the $116,000 resistance level, with market participants growing anxious over its next potential move. As the flagship cryptocurrency consolidates, the crypto world is buzzing with speculations about whether Bitcoin will break out toward $125,000 or face another sharp drop.
Market Trends and Key Levels to Watch
On its most recent attempt, Bitcoin briefly touched $116,181 before retreating below $115,000. Market data from Coinglass shows that this level is a strong barrier, as $657 million in potential long liquidations loom if prices drop below $114,000. Conversely, a breakout above $116,750 could trigger $210 million in short liquidations.
According to prominent analyst Doctor Profit, Bitcoin is in a quiet phase that may disguise bigger moves ahead. He warns that liquidity pools between $106,000 and $90,000 could act as traps, dragging the price further down if selling pressure intensifies. On the bullish side, a successful push above $116,750 may lead to targets around $122,200 and $124,500.
Retail and Institutional Influence
Retail traders seem stuck at higher price points, having purchased Bitcoin between $117,000 and $122,000. At the same time, whales (holders of 1,000–10,000 BTC) have dumped over $13 billion worth of Bitcoin in the last month, adding immense supply pressure to the market. This is the largest sell-off by whales since July 2022.
Meanwhile, Bitcoin ETF inflow momentum has slowed down significantly, with average daily inflows dropping to just 500 BTC. Although September recorded a one-day inflow of $642.4 million, this isn’t enough to combat the excess supply brought by aggressive whale selling.
Technical Indicators to Keep Track Of
Technical charts indicate that Bitcoin has recently broken out of a bearish downtrend from late August. However, the cryptocurrency needs strong buyer activity to sustain momentum and overcome the $116,750 mark. Should the bears regain control and push prices under $114,400, Bitcoin risks dipping further to $112,000 or even $108,250.
Prepping for Market Movement
For traders, the $115,000–$125,000 range remains a critical battleground. Doctor Profit suggests locking in gains when trading above $115,000 and exercising caution within this resistance zone. The key takeaway is to remain vigilant against sudden market shifts.
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