BTC chart warns: $119.4K rejection may mark cycle top

Add TechGaged as your preferred source on Google

See more TechGaged stories across Google News and Discover.

Add

As the larger part of the cryptocurrency market is consolidating from the weeks of positive movements, Bitcoin (BTC) is once again at a crucial crossroads, with analysts closely eyeing the $116K – $119.4K range as the battleground that could determine the next major move.

Indeed, a close above $117,300 would be a strong bullish confirmation, signalling that Bitcoin has the momentum to attempt a breakout toward higher levels, according to the analysis by popular crypto market expert Egrag Crypto shared in an X post on September 19.

At the same time, retesting support at $116,000 would still be a healthy pullback, helping build momentum before another push higher. Should Bitcoin manage to close convincingly above $119,400, Egrag Crypto believes this would be the clearest evidence yet that new all-time highs are on the horizon.

Latest Stories

3 min read • 13 hours ago

Ethereum Co-Founder Moves 110,000 ETH — Is This Bullish Or Defensive?

3 min read • 14 hours ago

XRP Narrative Strengthens as Barclays Hints at Digital Settlement Future

2 min read • 15 hours ago

Green Returns to Crypto, Bitcoin After Bloodbath Week

Read all latest stories →

Cycle top or breakout?

On the other hand, the crypto analyst has noted that a rejection at $119,400 would raise the likelihood that Bitcoin’s cycle top is already in place – around $124,500. In this scenario, BTC dominance could begin to drop, opening the door for altcoins to shine. Historically, such Bitcoin pullbacks have acted as a springboard for sharp altcoin rallies, as capital rotates into higher-risk assets.

Furthermore, Egrag has suggested that a failed breakout attempt at these levels would make him more confident in shorting the original crypto asset and a wide range of altcoins, expecting a sharp correction once $124,500 acts as a ceiling.

For the time being, Bitcoin is changing hands at the price of $117,002.35, indicating a 0.22% decline on the day, an increase of 1.63% across the previous week, as well as an accumulated advance of 2.75% on its monthly chart, per the latest data.

All things considered, the analyst’s chart currently paints two clear paths. Either Bitcoin breaks decisively above $119,400 and sets the stage for fresh highs, or rejection at this key resistance signals the peak of the cycle and sparks a broader market correction.