The push to $122,000 currently looks “ugly” thanks to a rejection on daily timeframes.
Bitcoin (BTC) risks breaking its bull run early as a sub-$100,000 BTC price target emerges.
The latest market analysis from traders including ZAYK Charts, published Tuesday, warns of an ongoing “distribution phase” on Bitcoin.
Bitcoin is not immune to losing $100,000 support, with price struggling to hold ground above old all-time highs from earlier in 2025.
Now, ZAYK Charts believes that the door is open to $95,000 — a level not seen since early May.
Using the Wyckoff method, he argued that BTC/USDT has already enjoyed the classic “mark up” rebound phase from long-term lows, and has now entered “distribution” — the area where an uptrend traditionally reverses.
“After a strong Accumulation Phase in March-April confirmed by bullish RSI divergence, BTC entered a powerful Mark-Up phase, reaching new highs,” an X post summarized.
“Currently, price action is showing signs of a Distribution Phase — sideways movement with weakening momentum, supported by bearish RSI divergence. If distribution confirms, the next phase could be a Mark-Down, with a potential drop toward the 95K zone.”
The area between $92,000 and $95,000 has featured prominently in BTC price action since last November, acting as both support and resistance as the market experienced significant swings.
Continuing, fellow trader Mikybull Crypto described this week’s push beyond $122,000, which ended in rejection, as “ugly.”
BTC/USD, he told X followers, had reentered its previous range, with the main beneficiaries being altcoins.
Other market takes were less categorical, with trader Daan Crypto Trades among those focusing on the nearby gap in CME Group’s Bitcoin futures.
Related: Bitcoin will make history at $340K if BTC beats last cycle’s 2,100% gains
“$BTC Retesting the trend line it broke out of before. The 4H 200MA/EMA are coming in right below,” he wrote on X Tuesday, referring to the 200-period simple and exponential moving averages on four-hour timeframes.
“But keep in mind that we do still have the CME gap which sits at around $117K. This would have some decent confluence with the 4H 200MA (Purple) and a wick into that region would make me look more closely for fresh longs on strong alts.”
Expectations for volatility were already high ahead of key US macroeconomic data, with the Consumer Price Index (CPI) print for July due on the day.
As Cointelegraph reported, market participants see any outlying result having an immediate impact on crypto and risk assets.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
