Bitcoin Needs $108K To Regain Bullish Momentum

Bitcoin is consolidating above $100,000 following a rejection from $116,000 resistance. Market volatility has eased, but the structure suggests potential weakness as buyers haven’t strongly re-entered, and open interest has decreased.

On the daily chart, Bitcoin broke below the 100-day and 200-day moving averages at approximately $110,000, indicating bearish short-term momentum. The price currently rests around the key $100,000 level, previously a support zone. The Relative Strength Index (RSI) is near 36, nearing oversold territory. Failure to defend this zone risks a drop to $95,000. Recovery above $108,000–$110,000 is needed to return the outlook to bullish.

Looking at the 4-hour chart, Bitcoin broke from a rising wedge pattern and retested it as resistance before continuing lower. Momentum remains weak, and bounces from the $100,000 zone have not held. The price is holding just above the $100,000–$101,000 support block, but the structure remains precarious. Further losses could quickly push the price toward $95,000. The 4H RSI is near 41, suggesting room for more downside.

Open interest has decreased significantly, dropping from above $45 billion to under $33 billion over recent weeks. This reflects a broad de-leveraging, likely due to long position liquidations. The lack of open interest rebound signals traders remain cautious. New leverage entering the market is absent, indicating participants are waiting for clearer price action. This aligns with the recent choppy price behavior despite support zones holding.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.