Bitcoin has experienced notable volatility in recent days and is currently trading around $107,900. The daily chart indicates that after a relatively deep correction, the price has entered a key support zone, suggesting a possible short-term rebound.
Overall Market Structure
- Following a Break of Structure (BoS) around $110,000, Bitcoin entered a corrective phase.
- The correction has reached the 50% Fibonacci retracement level, overlapping with the $105,000 – $108,000 support area.
- This zone has historically acted as a demand region, and buyers’ positive reaction is evident.
Possible Scenarios
Bullish Scenario
If Bitcoin manages to hold above the $105,000 support, a rebound towards the $115,000 – $124,000 resistance zone is likely.
A breakout and consolidation above $112,000 would confirm further bullish momentum.
Bearish Scenario
If the $105,000 support is broken, selling pressure could push the price down to the next support levels around $96,000, and possibly as low as $72,000 – $75,000.
The long-term trend remains bullish, but such a correction could offer attractive entry points for mid-term buyers.
Read more about “The Next Crypto to Hit $1“
Conclusion
Bitcoin is currently at a crucial support area, and its reaction in the coming days will likely determine the next major move. In summary:
- Key Support: $105,000
- Key Resistance: $112,000
- Bullish Target: $120,000 – $124,000
- Bearish Target (if support breaks): $96,000
Traders should closely monitor price action in this zone and prioritize risk management.
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