BTC rebounds to $114k, could reclaim $118k soon: check forecast

The cryptocurrency market was bearish over the weekend, with Bitcoin dropping to the $112k mark on Saturday.

Altcoins recorded bigger losses, with most of them losing over 5% of their value during that period.

However, the market is currently undergoing a small rebound, with Bitcoin reclaiming the $115k level earlier.

The rebound could see BTC reclaim the $118k resistance level in the coming hours.

Metaplanet buys more bitcoins as BTC rebounds

Bitcoin, the leading cryptocurrency by market cap, is up by less than 1% in the last 24 hours and now trades around $114,600.

The positive performance comes after BTC lost 4% of its value over the weekend and dropped to the $112k level.

However, the market is currently undergoing a rebound thanks to positive macroeconomic factors.

Japanese Bitcoin treasury firm Metaplanet announced on Monday that it had purchased 463 BTC for $53.7 million.

The latest bitcoin acquisition brought the company’s total holdings to 17,595 BTC, acquired for $1.78 billion.

The primary catalyst behind BTC’s poor performance over the weekend was the fresh concerns over tariffs by President Trump.

The concerns resulted in a net outflow of nearly $1 billion from Bitcoin ETFs on Thursday and Friday.

The outflow suggested that institutional investors were reducing their exposure to Bitcoin amid uncertainty in global trade. 

Despite that, analysts remain confident that Bitcoin could hit a new all-time high of $140k soon.

John Glover, chief investment officer at crypto financial services company Ledn, disclosed that the sell-off is a typical retracement wave, representing a temporary breather from the preceding bullish impulse wave.

The analyst added that the sell-off could serve as the catalyst to push BTC to $140,000 by year-end.

“Firmly caught in the summer doldrums, the BTC price continues to follow the expected trajectory and will soon complete the 5-wave move depicted by the blue line [in the chart] below, which will finish wave iii (yellow line) of Wave 5 (orange line). All to say, we’re still on target to hit $135,000 – $140,000 by the end of 2025,” Glover added.

BTC eyes $118k as weekly candle opens bullish

The BTC/USD 4-hour chart is bearish following Bitcoin’s poor performance last week.

However, the weekly candle opens bullish, suggesting a switch in momentum.

The technical indicators are also improving, signalling a temporary bullish bias.

Bitcoin’s 50-day EMA roughly coincides with the previous all-time high of $111,980, making it a key support zone.

If the support zone holds, BTC could extend its recovery past the TLQ at $116k and rally towards the previous support level of $118k. 

The Relative Strength Index (RSI) on the 4-hour chart reads 46 and points upward toward its neutral level of 50, indicating fading bullish momentum.

The MACD lines are also set to cross over into the bullish zone soon.

However, if Bitcoin faces a downward correction, it could extend the decline toward its key support level at $112,975.

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