Is Bitcoin Ready for Its Next Big Rally? BTC Price Analysis

Bitcoin is at a pivotal moment as it trades below the $120K zone, with price action tightening and bulls struggling to push through key ￰0￱ the broader trend remains bullish, the short-term cooldown can continue before another leg ￰1￱ Shayan The Daily Chart On the daily chart, Bitcoin is still holding within a broad ascending channel that has remained intact for ￰2￱ recent correction from the $124K all-time high hasn’t broken the market structure yet, and the 100-day moving average remains below the price, offering additional support around $110K. However, the rally has clearly lost momentum over the past few weeks, with the RSI turning sideways and the price failing to make new ￰3￱ that, bulls still have the upper hand as long as the asset remains above the rising orange trendline.

A clean break above $124K would likely ignite fresh buying and push the cryptocurrency into price discovery mode, but if the support zone around $110K gives in, we may see a sharp drop toward the $100K–$104K ￰4￱ 4-Hour Chart Zooming in on the 4-hour chart, BTC is on the verge of breaking below the short-term ascending trendline, creating the ascending triangle with the $117K resistance ￰5￱ could be an early warning sign of a potential trend shift or deeper pullback, especially as the price got rejected near the $117K–$118K resistance area multiple ￰6￱ has also weakened significantly, with the RSI slipping below 50 and showing a clear bearish divergence between recent ￰7￱ the market fails to reclaim the broken trendline quickly, we could see further downside toward the $108K zone, followed by a potential bounce from the major demand area near $108K.

Onchain Analysis Long Term Holder SOPR On the sentiment side, the Long-Term Holder SOPR has been steadily declining, even as the price consolidates near local ￰8￱ downtrend in SOPR actually indicates that long-term holders are reducing their spending ￰9￱ other words, they’re selling less and choosing to hold onto their ￰10￱ often reflects growing confidence in further upside potential, as experienced market participants are less eager to take profits at current ￰11￱ also suggests that supply-side pressure is easing, which could set the stage for a stronger breakout once demand kicks back ￰12￱ this holding behavior continues and is matched with bullish momentum, it could support the next leg up in Bitcoin’s rally.