Bitcoin Attempts to Reclaim $111,000 as Analysts Predict Potential Price Peak

Bitcoin (BTC) has bounced 4% from recent lows, retesting a crucial resistance level that may dictate market direction. Analysts suggest BTC could reach its cycle peak in the coming weeks.

Bitcoin Attempts Key Level Reclaim

BTC is trying to break above the $111,000 zone after recently dropping to $107,000.
Analyst Ali Martinez observed BTC trading in a descending channel, retesting the upper boundary around $110,700.
A close above $110,700 could lead to a retest of $113,500.
Failure to reclaim this level may reinforce bearish momentum, with the SuperTrend indicator suggesting a bearish posture at $110,700.
Sjuul from AltCryptoGems noted BTC is in a corrective phase after reaching an all-time high, viewing $108,000 as a critical support level.
Maintaining $108,000 would indicate strength, while failure risks a drop to $98,000.

BTC To Peak In Coming Weeks?

Rekt Capital highlighted mixed signals, noting BTC's failure to close above $109,000, a previous resistance level.
The monthly chart shows BTC holding a macro range of $107,200-$116,000.
Monthly candles have displayed long downside wicks, indicating possible trend continuation despite weekly pressure.
Increased volatility may occur, potentially leading to a wick down to $104,000.
If BTC confirms rejection from $107,000, it could trigger further bearish sentiment.
Historical data suggests the current bull market may peak in about seven weeks, aligning with historical halving cycles.