Bitcoin Momentum Turns Cautious Below $115,000 Amidst Tight Trading Range
Bitcoin is experiencing a lack of momentum as September ends, with its price caught in a narrow band. Demand cooled after failing to maintain above $115,000, creating a cautious sentiment among traders.
Price Movement
- Bitcoin traded between $115,550 and $108,400 over the past week, settling in a $108,750–109,740 range.
- Sellers prevented the price from climbing back up, indicating weakening buyer strength.
- Immediate resistance is at $111,000–112,000; surpassing this could lead to a rally towards $114,000–115,400.
- A break below $108,750 might accelerate a decline towards $106,000–105,000.
Momentum Analysis
- The 30-day momentum index declined to -2%, down from +1% earlier, showing reduced buying pressure.
- Positive momentum is needed for a recovery, requiring a return above $112K and sustained positive readings.
Market Structure
- The pattern signifies consolidation after an unsuccessful breakout above $115,000, leaving a neutral-to-bearish market stance.
- No signs of a major sell-off, but fresh demand is necessary for strong advances.
Key Levels
- A breakout above $111,000–112,000 may test $114,000–115,400 levels.
- The $108,600 base is crucial; falling below without quick recovery could lead to testing supports at $106,000–105,000.
- On-chain demand and exchange flows will provide clearer signals beyond steady price action.
