Bitcoin Price Consolidates Amid Mixed Momentum Signals and Key Support Tests

• Bitcoin rebounds from $113,900 low as MACD and RSI signal recovering bullish momentum
• BTC holds $115K support after 2% dip with $112K trendline key to broader uptrend
• Coinbase now holds 11,776 BTC becoming 10th largest corporate holder ahead of Tesla

The price action of Bitcoin was weak on the part of the near term and strong on the part of the medium term as the asset moved to a range at around $115,709.23. The volatility of the day caused dips and recoveries, and the technical and sentiment indicators showed a cautious positive bias.

Tight Range Holds as Bulls Aim to Retest Upper Levels

We can see that Bitcoin is in medium trading since the price fluctuates between 113,900 and 118,000. Following the intraday high of ~$118,630, the BTC gained selling pressure and plunged to a low of ~$113,900, but it regained its strength. It found its way above $115,500 due to a short-term bullish trend and a rise in demand to buy.

The $112,000–$113,000 zone, previously a resistance area, now acts as a critical support. A dotted trendline originating in mid-April aligns with this level. Market participants are closely watching this region for either a rebound continuation or a breakdown that could extend losses. A failure to maintain support could open a path to the $104,000–$108,000 range.

Technical Indicators Suggest Momentum Rebuilding

On the 5-minute chart from Bitstamp, momentum indicators reflected recovering buyer interest. The RSI climbed to 56.75 after briefly dipping near oversold levels during the earlier sell-off. This reading signals neutral to bullish conditions with more room for an upside move.

                                              Source: TradingView

The MACD indicator was at a positive crossover. The MACD line crossed above the signal line, and the histogram became positive and rose to 4. These activities indicate that bearishness has been alleviated and that selling pressure is becoming weak. The volume exhibited fluctuations during the fall and the subsequent recovery, with the spikes being registered in both.

A tweet by Alpha Crypto Signal also noted a bullish retest underway, referencing the channel breakout level. According to the tweet, the trend remains intact as long as Bitcoin stays above the support region.

Market Sentiment Remains Optimistic Despite Pullback

Despite a 2% decline in 24-hour performance, sentiment remains largely positive. Community polls show that 82% of respondents are bullish. Meanwhile, Coinbase was recently reported to have become the 10th largest corporate holder of Bitcoin, acquiring 11,776 BTC. This move places it ahead of Tesla in terms of holdings and reflects continued institutional confidence.

Volume on the day surged 27.21% to $89.2 billion, coinciding with the volatility seen during the sell-off and bounce. Reclaiming levels above $116,000 would confirm bullish control in the short term. However, failure to do so could lead to another test of the $113,900–$114,500 area and possibly $112,000.