Bitcoin price analysis (Neutral) — 113295.01 USDT (-0.71% 24h)

Bitcoin is currently trading at $113,295, showing modest weakness with a 0.7% decline over the past 24 hours. The technical picture reveals interesting dynamics – while price sits slightly below both the 20-day SMA ($113,676) and 50-day SMA ($114,296), the RSI reading of 29.3 indicates severely oversold conditions that typically precede potential bounces. Trading volume remains robust at $1.73 billion, suggesting active institutional participation despite the price pressure. The current volatility reading of 1.6% reflects relatively stable conditions compared to Bitcoin’s historical norms. For traders, this setup suggests cautious optimism – the oversold RSI combined with strong volume support near key psychological levels around $113,000 provides a potential entry zone for swing traders. However, resistance at the $114,300 level needs to be convincingly broken for sustained upward momentum. Risk management remains crucial with tight stops below $112,500.