Bitcoin Outlook: Dip Buying Builds a Base, But $93K Risk Still in Play

Bitcoin (BTC) investors are buying heavily into the recent dip, but analysts warn the market remains vulnerable to deeper corrections.

No Signs of Upside Momentum Yet, Glassnode Analysts on Bitcoin Recovery

Bitcoin has attracted steady demand between $108,000 and $116,000 since mid-August, according to Glassnode data.

This “air gap” emerged after the market retreated from euphoric highs, and dip buyers quickly filled it with fresh accumulation. The activity highlights a constructive long-term base but doesn’t guarantee a near-term breakout.

Bitcoin continues to hover in the $104,000–$116,000 corridor, where overheated rallies often cool into sideways ranges.

Glassnode notes that the market slipped out of its euphoric cost-basis band on Aug. 19, shifting into a more neutral structure that typically signals consolidation, not momentum.

Short-term holder profitability underscores the fragility.

Profitable supply crashed from more than 90% to 42% during the correction, then rebounded to roughly 60%.

To restore conviction, Bitcoin must reclaim $114,000–$116,000, where most new buyers would turn green again. Without that, sentiment risks staying shaky.

Flows also reveal a cooling mood.

Spot Bitcoin ETFs, once absorbing thousands of BTC daily, now see just over 500 BTC per day. Futures funding rates, which overheated in July, have normalized as speculative demand fades.

BTC’s Technical Picture Points to $100,750

Bitcoin’s chart shows a falling wedge pattern, with support aligning around $100,750, near both the dotted trendline and the 200-day EMA at $104,400. A decisive breakdown could drag prices toward the deeper Fibonacci level at $93,600.

Momentum remains weak. The RSI hovers near neutral at 49, while the MACD stays negative, showing limited buying pressure.

That leaves Bitcoin vulnerable to a retest of $100,750 before any rebound. If bulls defend the level, the wedge could flip bullish, but a failure risks opening the door to the $93,000–$95,000 range.

What Could Change This View?

The falling wedge pattern also carries bullish potential. Historically, wedges of this kind often resolve to the upside once sellers exhaust momentum.

A breakout above the wedge’s upper trendline—currently near $112,000—would flip short-term holder profitability back into positive territory and restore market confidence.

The technical target for such a breakout could extend toward $123,500, aligning with the wedge’s measured move and the 0.0 Fibonacci retracement level.