Bitcoin remains in a strong long-term uptrend in the daily timeframe. After breaking the previous resistance zone (Break of Structure – BoS) and consolidating above it, the price has rallied to around $121,800. This area is close to a significant technical ceiling and supply zone, which may increase selling pressure.
Key Resistance Zone
$121,500 – $124,000 is acting as the main resistance level.
This range aligns with previous reaction points and carries strong psychological importance for traders.
If Bitcoin fails to break this zone decisively, a short-term correction is likely.
Key Support Zone
$108,000 – $112,000 serves as the primary short-term support.
This level aligns with the 50% Fibonacci retracement and the current market structure, making it a potential bounce area for buyers.
If this support fails, the next key level lies between $95,000 – $100,000, which also aligns with the long-term ascending trendline.
If you want to become a successful trader and achieve a good income, follow the link to read more about How to Trade Forex Successfully?
Potential Price Scenarios
Bullish Scenario
A decisive breakout above $124,000 with strong volume could fuel further upward momentum.
In this case, the next targets may be around $128,000 and higher.
Corrective Scenario (More Likely Short-Term)
If the price struggles at the current resistance, a pullback towards the $108,000 – $112,000 zone is likely.
A deeper correction could extend toward $95,000 – $100,000, offering a potential re-entry point for long-term buyers.
Conclusion
Bitcoin is currently trading at a critical juncture where the balance between buyers and sellers will determine the next market move. Traders should closely watch price action around the $124,000 resistance zone and apply strict risk management strategies.
Submit Your Comments
(Replying)
Please keep in mind to avoid offensive keywords and also fake information.
Be the first one to comment.