On the daily timeframe, Bitcoin has successfully defended the $105,000 – $107,500 support zone after the recent correction and managed to bounce back above the $111,000 level. This area, which overlaps with the 0.5 Fibonacci retracement and a previous demand zone, plays a crucial role in maintaining the bullish structure.
Technical Structure
After breaking the key resistance (BoS) around $110,000, Bitcoin entered a strong bullish wave and reached the $122,000 top.
The following correction precisely retraced to the 0.5 – 0.618 Fibonacci levels and the major support zone, where the price is now consolidating.
The long-term ascending trendline remains valid, showing that the broader market structure is still bullish.
Possible Scenarios
Bullish Scenario
If Bitcoin can hold and close above $112,500, further upward continuation toward $117,000 and eventually $122,000 becomes likely. A breakout above this level could trigger a new bullish phase.
Bearish Scenario
If Bitcoin loses the $107,500 support level, the price may decline toward $102,000, and potentially retest the $95,000 zone. While this scenario currently looks weaker compared to the bullish outlook, traders should keep in mind that losing these support levels may shift the trend.
Conclusion
Overall, Bitcoin’s strong rebound from the key support zone highlights that market demand is still present. As long as the price holds above $107,500, the bullish scenario dominates, with mid-term targets set at $117,000 – $122,000.
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