The purpose of this research was to examine differences between students at high and low levels of interactions, their perceived online presence (teaching, cognitive, and social), and the level of actual cognitive presence in asynchronous case-based discussions. The results revealed that among three online presences, teaching presence was the highly rated presence among both high and low-interaction students followed by cognitive and social presences. Students were different in the cognitive presence of their perceived abilities to apply knowledge to work or non-class activities. Students' actual cognitive presence was at exploration and integration levels showing the effectiveness of case-based discussions. This study provided an understanding that low-interaction students still need more support to facilitate cognitive presence. All students reported the need to build a sense of belonging in an online community. This study's findings will guide researchers and practitioners in further design and facilitation of case-based discussions in asynchronous online courses.