• Bitcoin faces short-term selling pressure, but bullish signals hint at a potential $123,000 rebound.
• RSI and Fear & Greed Index suggest room for further correction before a strong recovery.
• Analysts highlight bullish divergence, indicating a possible near-term 15% price surge toward all-time highs.

Bitcoin is facing selling pressure, but analysts remain divided on its next move. Some see room for further decline, while others believe a strong rebound could be ahead, pointing to bullish signals on the charts.

At the time of writing, Bitcoin is trading at $108,142 with a 24-hour trading volume of $72.67 billion and a market cap of $2.16 trillion. The BTC price decreased by -3.98% in the last 24 hours.

Bitcoin Faces Short-Term Downside Risk

According to popular market analyst More Crypto Online, the recent pullback still appears to be unfolding. The analyst noted that Bitcoin’s RSI remains above oversold levels, which could allow room for further downside in the short term.

He also highlighted the Fear and Greed Index, which currently shows a neutral reading, suggesting that the market still has room for further correction before a stronger recovery can take shape.

Bitcoin Price Outlook Shows Signs of Rebound

Analyst Javon Marks pointed out that despite the recent decline, BTC is still supported by a confirmed bullish divergence. From his perspective, this technical setup could pave the way for a major rebound, potentially sending BTC toward the $123,000 zone. If such a move plays out, BTC could climb nearly 15%, pushing closer to its all-time highs.

Meanwhile, it remains stuck between short-term sell-off pressure and the prospect of a sharp reversal. Although some analysts are forecasting additional depreciation before a bottom is forged, some believe the stage is being set for a mammoth bounce that could redefine market expectations for the weeks ahead.

Also Read | Bitcoin Cash (BCH) Price Forecast: Wedge Breakout Signals Path to $690

Bitcoin Derivatives See Strong Volume Uptick

Bitcoin derivatives trading activity has seen a notable jump, with volume rising +26.95% to $102.07B. However, open interest showed a slight dip of -0.73% to $80.49 billion, suggesting investors are more focused on short-term moves rather than holding positions. This often indicates increased speculation and quick profit-taking.

OI Weighted metric stable at 0.0081%, indicating that while trading has grown, overall sentiment remains balanced. This suggests market leverage is not at extremes and is less prone to sudden large liquidations. Rising OI Weighted levels and trade volumes show the BTC derivatives market is active but not overheated.

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