Bitcoin Faces Rejection Near $125,000, Short Term Upside Still Possible

Bitcoin is now at a critical point as mixed signals are emerging in the market. Although some experts are warning of a possible downside if major resistance levels are not broken, others believe the rise is not over in the short term.

At the press time, BTC is trading at $95,276, with a 24-hour trading volume of $73.45 billion and a market capitalization of $1.91 trillion. The BTC has decreased 2.51% over the last 24 hours, reflecting short-term selling pressure after failing to move higher.

Source: CoinMarketCap

Bitcoin Faces Major Resistance Warning

Popular crypto analyst Crypto Patel recently shared a very insightful opinion about the technical pattern of Bitcoin at this point. He expressed his concern about the potential outcome if it continues to face resistance at the level of $125,000.

Source: X

According to Patel, BTC has been rejected from a strong trendline resistance in that area. In fact, he believes that if it fails to overcome this level again, it might see a stronger correction, perhaps even to levels below $50,000.

Despite emphasizing that he does not mean to spread fear, it’s important to note that this chart analysis has to be taken seriously, as suggested by Patel.

Bitcoin Short-Term Rally Still Possible

Meanwhile, another popular analyst, Ted, presented a more balanced point of view. In particular, Ted noted that BTC still has untapped liquidity on the upside, which means that short-term rallies are still possible despite the current downturn.

Source: X

Ted also pointed out that there are many people who are still skeptical about the current price increase. It is a fact that when there is a lack of confidence in the market, people tend to be skeptical about value, and in such cases, value tends to move further than expected.

Also Read | Bitcoin Treasury Buying Outpaces Supply: A 3-to-1 Advantage

Bitcoin Could See Price Correction

Bitcoin is at a critical stage at the moment, with the overhead resistance and critical levels of support that traders are closely monitoring. There are warning signals of a potential deeper correction if some levels are broken.

While some people feel that there is a correction that is due in BTC, there are also those who feel that it is not too early to experience a short-term profit. It is always important that one is cautious while investing, and Bitcoin is prepared for its next major movement.

Also Read | Ethereum (ETH) Pushes Toward $5,000 As Support Holds And Momentum Builds