Is Bitcoin Price Going To Crash Again After Losing $115K?

The key takeaways

• Bitcoin’s future depends on the $115,000 level of support. If it drops below that, then its value could drop to as low as $104,000.

• The weekly RSI divergence indicates a more significant correction.

• The rising NUPL indicates increased profits, with 123,000 being the top local figure.

BitcoinBTCThe, which has been a major factor in the market’s decline since last July 25, fell below $115,000 on Friday. It is difficult to break the resistance at $120,000 BTC’s price trend is now in doubt for at least the short term after over three weeks.

Bitcoin Price Drop to $104,000

Bitcoin is flirting with downside volatility as it clings to the $115,000 support level, an area market analyst Michaël van de Poppe flagged It is essential that the trend continues. 

Related: Bitcoin ends record month at $115K with BTC price set for ‘vertical’ August

His chart shows that BTC’s drop below $115,600 could trigger a cascade of long-side liquidations and push the price back toward the $110,000–$112,000 region.

Data from Cointelegraph Markets Pro The following are some examples of how to get started: TradingView Bitcoin reached an intraday-low of $114.100 last Friday. A $172 million BTC short liquidation accompanied this price movement. per CoinGlass data.

Cointelegraph reportedIf the $116,000 mark is not quickly reclaimed, then the chances of an even deeper correction will be increased to $104,000. 

Bitcoin divergence points to $92,000

Bitcoin’s Weekly Chart is displaying a classic Bearish Divergence in Price and Momentum. This adds to the short term bearish bias.

Chart below: While BTC/USD has been forming higher highs in recent months, it is not the case that BTC/USD will continue to do so. relative strength index (RSI) There are lower highs in the chart, which indicates a waning bullish movement.

A similar signal can often be a precursor to deeper declines. It was the case before 2021’s market high.

BTC’s 50-week exponential moving (EMA) average, currently at $92,000, could retrace if history repeats itself. This trendline served as support for previous bull market, so it is an obvious target for any mid cycle correction.

Crypto trader AlejandroBTC observed a similar divergence on the monthly chart. said It’s an indication that Bitcoin is approaching its end.

“Bitcoin is flashing a triple bearish divergence on the monthly RSI. It’s the kind of setup that ends cycles.”

Bitcoin’s Null Unrealized Gain/Loss also displays warning signals. The metric is currently within the 0.5–0.6 zone, a level historically linked with local tops.

More than 92% of supply in profit There is an increased likelihood that the sell side will exert more pressure at current prices. These setups occurred in 2020, March 2024, and January 2025. They preceded major corrections.

CoinGlass 30 bull market indicators indicate that the current situation is not a good one. Bitcoin is showing no signs of overheating With $138,000 BTC on the table. Bitcoin is still expected to be worth $138,000 in three months’ time, according to other bullish analysts. a price top of around $150,000. 

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.