Bitcoin hovers near $118K as analysts warn of potential dips and possible altcoin rotations — watch key support between $108K–$112K.
Bitcoin is holding firm near $118,000 this morning, scratching a minor uptick of around 0.4% in the past 24 hours. Analysts are offering mixed signals, pointing to both short-term consolidation and potential dips that could steer market activity in unexpected directions. Holder
Crypto commentator Lark Davis has flagged the $108K–$112K range as a critical support zone, noting its alignment with the 50%–61.8% Fibonacci retracements and the rising 20-week exponential moving average. According to Davis, this “sweet spot” could attract buyers if Bitcoin retraces. Holder
On the flip side, Michaël van de Poppe sees the recent resistance as having triggered a pause rather than a sell-off, suggesting Bitcoin may trade sideways within a range before further price moves. For him, this consolidation could catalyze capital rotation into altcoins as traders look for higher returns. Holder
Here’s how to interpret the signals:
- Bullish scenario: Bitcoin holds above support and stabilizes around $118K, possibly resuming upward momentum from here.
- Bearish scenario: A dip toward the $108K–$112K support zone may represent an opportunity for long-term buyers, assuming no broader macro shocks appear.
- In either case, sideways trading could drive renewed interest in altcoins—making the current stability an important setup phase for both traders and longer-term holders.
Bottom line: Bitcoin’s trajectory now hinges on how it navigates support and resistance. Traders should keep an eye on volume and nearby altcoin action, while long-term holders may view any dip toward $110K+ as a chance to accumulate.
