[Bitcoin Daily] Small fluctuations over four consecutive weekends! Bitcoin accelerates decline, breaking below 115,000; capturing this resistance level is crucial.

FX168 Financial News Agency (Asia-Pacific) report – Trading in the Asian session commenced on Monday (September 22), with Bitcoin accelerating its decline below $115,000 after consolidating throughout the weekend. This week, markets will focus on speeches from Federal Reserve officials and U.S. PCE inflation data.

(Source: coindesk)

The price of Bitcoin remains squeezed between the support level at $114,000 and the resistance level at $117,200. As reported by Cointelegraph, these two levels have remained in the market’s view throughout last week as Bitcoin reacted to triggers associated with fluctuations in the U.S. macroeconomic environment.

Renowned trader and analyst Rekt Capital shared a chart on X and summarized: “The retest of support at $114,000 (black) continues to hold successfully, but resistance exists around $117,200 (blue). This has formed a range-bound pattern, and we will soon see how strong or weak the resistance at $117,200 is.”

(Source: Rekt Capital/X)

Another trader, Daan Crypto Trades, offered a broader perspective, focusing on market signals at $112,000 and $118,000.

He noted: “There’s hardly any movement. This marks the fourth consecutive weekend with very little volatility, which likely won’t create a new futures gap.” He was referring to the commonly observed ‘gaps’ in the CME Bitcoin futures market over weekends.

“We’ll see the direction next week. The primary range I’m watching in the short term is between $112,000 and $118,000.”

(Source: Daan Crypto Trades/X)

Ted Pillows, a cryptocurrency investor and entrepreneur, also agrees with the view that BTC/USD lacks momentum. He stated on X: “It has been consolidating around $116,000 for a while. If the bulls can push Bitcoin into the $117,000 range, we might see an upward surge. Otherwise, it will likely drop first, then rally again in the fourth quarter.”

(Source: Ted Pillows/X)

The new week will bring volatility driven by the Federal Reserve.

The macroeconomic outlook suggests that cryptocurrencies and risk assets may experience increased volatility as we approach the end of September. The U.S. Federal Reserve’s preferred inflation gauge—the Personal Consumption Expenditures (PCE) Price Index—will be released on September 26.

Several Federal Reserve officials, including Chairman Jerome Powell, are also scheduled to speak this week, just days after they voted for the first rate cut since 2025.

The Kobeissi Letter, a trading insights account, commented on X: “We’re in for another busy week.” Kobeissi noted that markets will look to upcoming macroeconomic data for clues about future monetary policy, with the Fed’s next interest rate decision due on October 29.

Data from the CME FedWatch tool indicates that markets widely anticipate another 25-basis-point rate cut at the next meeting.

(Source: CME Group)

Bitcoin Technical Analysis

The price of Bitcoin initiated a new upward movement after breaking through the $116,500 level. BTC successfully breached the $116,800 and $117,500 resistance levels, but was subsequently met with selling pressure. After forming a high at $117,920, the price began a fresh pullback. It broke below the $116,500 and $115,500 support levels and accelerated its decline below $115,000. The price bottomed at $114,237 and is currently consolidating below the 23.6% Fibonacci retracement level of the drop from the $117,920 high to the $114,237 low.

Bitcoin is currently trading below $115,500 and under the 100-hour moving average. Additionally, a downward trendline has formed on the BTC/USD hourly chart, with resistance around $115,200.

On the upside, immediate resistance is near $115,000. The first key resistance is at $115,250, followed by another hurdle near $116,000, which coincides with the 50% Fibonacci retracement level of the decline from the $117,920 high to the $114,237 low. A close above the $116,000 resistance could drive further gains. In such a scenario, the price may test the $116,500 resistance, with additional upside potentially targeting $116,800. The next major bullish target could be near $117,250.

On the downside, if Bitcoin fails to break above the $116,000 resistance zone, it may trigger a new wave of declines. Immediate support is near $114,250, with the first major support at $113,500. The next support is around $113,250, and a break below this level could push the price toward the $112,500 support. The primary support lies at $110,500, and a breach below this level could result in a significant drop for BTC.

(Source: tradingview)

Technical Indicators:

Hourly MACD: The MACD is accelerating into bearish territory.

Hourly RSI (Relative Strength Index): The RSI for BTC/USD has fallen below the 50 level.

Key support levels: $114,250, followed by $113,250.

Key resistance levels: $115,000 and $116,000.