Investigating the Fear of Missing Out (FOMO) related to Bitcoin and the potential for a re-evaluation at $110,000
Bitcoin, the world's most popular cryptocurrency, is currently encountering a formidable resistance at the $114,000–$115,000 zone. This zone, marked by a heavy supply cluster and technical barriers, is acting as a hurdle for the bulls, rather than a strong accumulation zone.
This resistance is evident in multiple technical analyses, which indicate a persistent challenge for Bitcoin to break and hold above this level. This is associated with declining momentum and bearish short-term sentiment.
The $114,000–$115,500 zone is identified as a major resistance level. It is reinforced by a descending trendline and the 100-hour simple moving average. The inability to break above this zone risks a price retreat toward support levels around $108,500–$112,000.
Bitcoin's shorter-timeframe RSI remains below 50, a sign that bears dominate short-term trading and accumulation trends are weakening at this resistance. Analysts at Point Trader Group describe the $114,000 level as a critical resistance zone that Bitcoin is testing. A failure to maintain above it could send the price down to $105,000 or even $98,000.
CryptoMichNL suggests that a decisive reclaim of $114,000 could trigger a push toward new all-time highs. However, until this level is decisively reclaimed, the zone acts as a supply cluster and resistance.
The recent filling of a CME futures gap at around $114,000 also corresponds to a technical juncture where traders watch for either a breakout or potential fallback to lower supports near $104,000–$111,000.
While heavy supply around $114k implies resistance, there is also evidence that if Bitcoin breaks and holds above this zone, it could become a base for further accumulation and bullish momentum. However, as of the latest analyses, the decreasing accumulation trend score and technical indicators favor resistance rather than strong accumulation at that level.
The market was pricing in a Q4 rally based on monetary easing, but with that tailwind fading, FOMO is on pause, making the current Bitcoin spot a less attractive entry for buyers. The $110,000 level appears to be a more probable liquidity grab zone before fresh buying begins.
The current weekly start for Bitcoin is in the red, and the largest cost-basis cluster for Bitcoin is at $116,963, holding over 700,000 BTC (3.61% of the supply), making it a significant supply zone. This imbalance sets the stage for potential liquidity hunts at lower levels.
Calling the current price a top is premature, as it is still above key support. The $114k-$115k zone currently looks like weak support for Bitcoin. The likelihood of a $110k retest (or lower) for Bitcoin supports the view of our website's daily newsletter. This divergence suggests a possible $110k retest (or lower) for Bitcoin, where FOMO could re-engage and drive the next bull leg.
In a separate development, Dogecoin's price is predicted to potentially hit $5 by 2030, although this fact is not directly related to the main topic about Bitcoin.
Despite the challenges, Bitcoin HODLers are experiencing increasing pressure, and the market is leaning ask-heavy, with supply calling the shots on Bitcoin's price action. On the market, Solana currently has a daily volume of $5.84B, but SOL has slipped 6%.
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