TLDR:
- Bitcoin trades near $116,968 with a weekly gain of 1.32% and is testing the .618 retracement near $117,900.
- Analysts say the $113K level is the key breakdown trigger for a larger move toward $96K or $90K.
- RSI shows bearish divergence across multiple timeframes, pointing to potential weakness in the current rally.
- A break to new highs would cancel the bearish setup and could push Bitcoin into fresh price discovery.
Bitcoin is testing a level traders have been waiting for. After days of steady buying, price action is brushing against a key retracement.
Market watchers are debating whether this is where momentum flips. A break below support could trigger a deeper correction. Many are looking for the next move to confirm the cycle’s direction.
Bitcoin Price Nears $118K Retracement Target
According to data from CoinGecko, Bitcoin is trading around $116,968 after a mild pullback in the last 24 hours. The price is still up over the past week, keeping bullish traders engaged but cautious.
Trader and analyst CasiTrades noted that Bitcoin is hitting the .618 Fibonacci retracement near $117,900, a level often watched for reversals. She explained that this zone aligns across multiple wave counts, pointing to a possible wave two pivot.
She added that the subwaves within the move also completed near the same level, making this area critical.
Momentum indicators are also flashing warnings. RSI readings on multiple timeframes show bearish divergence, suggesting a potential loss of strength. Traders now watch $113K as the first level that could confirm a trend shift.
If price breaks that support, many expect a slide toward $96K or even $90K. CasiTrades said this is the price action she had been waiting for and that it could set the tone for the next major move.
🚨Is This the Top for Bitcoin?🚨
Bitcoin is reaching the .618 retracement at $117,900. The textbook target for a potential Wave 2 pivot. I’ve been mentioning this level for a long time. It’s one of the most common bearish turning points in the market cycle. All eyes should be… pic.twitter.com/HpNS9gStuw
— CasiTrades 🔥 (@CasiTrades) September 18, 2025
Bearish Confirmation Hinges on Key Support
Market structure has been clean on this leg up, and that is why analysts are closely following this range. The rally from earlier lows produced five clear subwaves, which now look complete. This gives traders a technical reason to expect a turn if momentum fails.
The invalidation level is a break to new all-time highs with RSI clearing resistance. If that happens, the bearish setup would be void and bulls could push toward new price discovery.
Until then, price watchers remain focused on how Bitcoin reacts around $117K to $118K. A sharp rejection could set off a series of lower highs and lower lows in the short term. For now, the market sits in a wait-and-see mode, with the next move expected to shape sentiment for weeks.
