BTCUSD experienced a sharp intraday decline after reaching an all-time high. The price appears to have found support near $118,000, which could provide a base for a potential rebound. Analysts note that a decisive break below this level may lead to a more extended correction in the cryptocurrency.

Short-term uncertainty persists as key support levels will likely determine Bitcoin’s next move. Maintaining levels above resistance could allow further gains, while a breach of support may trigger a deeper pullback. While the broader trend remains bullish, intraday weakness is increasing volatility.

Crypto Analyst Sees $128K Target for Bitcoin Amid Short-Term Weakness

Crypto analyst BitcoinHyper noted on social media that Bitcoin recently pulled back after encountering resistance near $123,000, causing over $800 million in long-position liquidations. The price has since moved to the middle of its horizontal trading range, with support identified at $118,200 and stronger support around $116,300.

The analyst highlighted that the 4-hour chart still shows a bullish trend. However, a lower low on the 1-hour chart indicates short-term weakness. The $120,000 level remains a key pivot. Holding above it could open the path to $128,000, while a drop below may lead to further declines. Ethereum has also rebounded in the short term but faces similar risks of reversal.

You may find it interesting at FinanceMagnates.com: Bitcoin Analyst Signals Reversal Ahead; Trump Executive Order to Probe Crypto Debanking.

BitMEX Co-Founder Warns of BTC Volatility

BitMEX co-founder Arthur Hayes warned that Bitcoin could fall to $100,000, citing macroeconomic headwinds that may affect the broader market. His comments came after liquidating more than $13 million in crypto assets.

Hayes pointed to weakening economic indicators, including the July Non-Farm Payrolls report, which added 73,000 jobs versus expectations of 110,000, and slow credit growth across major economies.

Hayes’s portfolio moves—selling ETH, Ethena, and Pepe while holding $22.95 million in USDC—suggest preparation for potential volatility. He anticipates Bitcoin testing $100,000 and Ethereum around $3,000 in the event of a broader market decline.

DeepSeek AI Outlines Three Possible Bitcoin Scenarios for 2025

DeepSeek AI has outlined three possible scenarios for Bitcoin in 2025. In a base case, Bitcoin could trade between $100,000 and $150,000.

A more optimistic scenario projects the price reaching $350,000, while a high-end “black swan” scenario sees it rising to $500,000. These projections are based on assumptions of increased institutional adoption and broader acceptance of blockchain in global finance.