The bitcoin price is showing fresh signs of weakness after failing to hold above recent highs, with analysts now warning of a possible correction toward the $115K level. Despite a strong rally earlier this summer, momentum has slowed, and traders are closely monitoring key support zones that could define the next move.
Bitcoin Price Action: Losing Momentum at Key Levels
After pushing above $122K last week, the bitcoin price was unable to sustain its gains. Daily charts now reveal a pattern of lower highs forming, signaling that short-term momentum has shifted in favor of sellers.
Source: Tradingview
At the time of writing, Bitcoin trades around $115,300, with volatility picking up as bulls attempt to defend critical support levels. If the $115K floor is breached, analysts suggest that further downside toward $112K or even $110K could quickly follow.
The recent drop also comes as volumes appear uneven, with bursts of strong selling pressure overwhelming smaller buying attempts. This imbalance highlights the fragility of current support zones.
Technical Analysis: $115K Target on the Horizon?
TradingView charts shared by analysts suggest a clear bearish setup forming in the short term. A widely circulated chart by MelikaTrader94 highlights two scenarios:
- Scenario 1: A rejection from the $118K–$119K resistance area, leading to a retest of $115K.
- Scenario 2: A short-lived recovery toward $120K before a deeper correction toward $115K.
Source: Tradingview Analysis
In both scenarios, the $115K zone emerges as the immediate target. The technical structure suggests that unless Bitcoin can reclaim $120K with conviction, the path of least resistance remains lower.
Market Sentiment: Why $115K Matters for Bitcoin Price
The $115K level is more than just a psychological barrier—it has acted as a pivotal support in recent trading sessions. A decisive breakdown below this threshold could spark a broader wave of selling, especially as leveraged long positions risk liquidation.
Open interest across derivatives markets has climbed to multi-month highs, amplifying the risk of cascading liquidations if price weakness accelerates. This dynamic makes $115K a crucial line in the sand for short-term traders.
At the same time, long-term holders remain unfazed, with on-chain data showing continued accumulation near current levels. This divergence underscores the difference between tactical trading flows and broader investor conviction.
Final Thoughts: Bitcoin Price Outlook This Week
While the long-term trajectory for Bitcoin remains bullish, short-term risks are mounting. The bitcoin price is struggling to hold momentum above $120K, and analysts are increasingly pointing to $115K as a key test level.
If the market holds above this support, a recovery toward $120K and beyond is possible. But if $115K gives way, traders should prepare for deeper corrections toward $112K or even $110K before bullish momentum can be reestablished.
