Key Points:
Bitcoin must hold the support level of $114,000 to confirm a rebound.
Spot trading volume and trading activity must recover to ensure the sustained breakthrough of BTC prices.
Bitcoin has rebounded 10% from the low of $103,500 on October 17, currently facing resistance around $115,000, with current demand weakening and on-chain activity also relatively sluggish.
Several analysts have pointed out the conditions that Bitcoin needs to meet in the coming days or weeks to break through $115,000.
In the past seven days, Bitcoin's price has risen by 5%, regaining several key positions, including the 200-day simple moving average (SMA), the psychological level of $110,000, and the support level of $114,000, according to Cointelegraph Markets Pro and TradingView data.
According to Swissblock, whether Bitcoin bulls can hold the $114,000 support is central to their bullish logic.
This private wealth management firm stated on the X platform on Tuesday: "This week's focus is on confirmation—proving that Bitcoin is bottoming out and can hold the $114,000 support."
Swissblock explained that since the flash crash on October 11, Bitcoin's price momentum has remained weak, so the current key is "momentum ignition"; the firm further stated:
Crypto analyst Rekt Capital believes that bulls need to retest and convert the weekly closing price of $114,500 into support to confirm the validity of the breakout.
BTC Bitcoin has successfully Weekly Closed above both the 21-week EMA (green) and $114.5k (black) Both $114.5k & EMA could get retested to confirm a reclaim to support $BTC could achieve this via a volatile retest of $114.5k, wicking into the EMA below #Crypto #Bitcoin https://t.co/T7WJgk9mIY pic.twitter.com/hw1chWDSdx
Another analyst, Daan Crypto Trades, believes that holding the $114,000 level, where the 200-day exponential moving average (EMA) is located, is extremely critical in the future.
Cointelegraph points out that bulls are actively defending the demand zone of $112,300-$114,500 while aiming for a historical high above $126,000.
Due to insufficient buying pressure and low network activity, Bitcoin's ability to break upward to $115,000 is limited.
The chart below shows that the cumulative trading volume difference (CVD) for Bitcoin spot and perpetual contracts remains negative, but has stabilized over the past two weeks.
On the X platform, on-chain data provider Glassnode stated that this indicates "the aggressive selling pressure has weakened in recent days."
Meanwhile, spot trading volume decreased by 17.5% within a week, dropping from $15.2 billion to $12.5 billion, reflecting a reduction in speculative activity, which has had a certain impact on market trends.
In its latest "Weekly Market Pulse" report, Glassnode noted that this decline means that the recent Bitcoin rebound to $116,000 did not receive widespread participation support. The firm added:
An increase in spot trading volume will align with a broader accumulation phase, triggering a strong rebound.
Additionally, on-chain activity remains sluggish, with "a decline in active addresses, transaction volume, and fees indicating a quiet network environment, and the user base is consolidating," Glassnode stated, adding:
According to Cointelegraph, under the favorable backdrop of the RSI indicator and expectations of interest rate cuts from the Federal Reserve, a new round of rebound is expected to be triggered in the coming days, injecting more vitality into the market.
Related: Ledn's Bitcoin (BTC) loan issuance has surpassed $1 billion year-to-date.
Original: “Analysts say Bitcoin (BTC) price must meet this condition to break $115,000”
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