Market outlook shows renewed strength with potential for further gains
Bitcoin (BTC) has once again broken above the $112,000 level, signaling a potential shift in momentum after weeks of downward pressure. The move comes as the leading cryptocurrency defends a critical support zone, sparking optimism among traders looking for the next leg higher.
Key support zones remain intact
On the daily chart, Bitcoin found strong buying interest around the $108,000–$110,000 support area, highlighted in green. This zone has repeatedly acted as a cushion for price action throughout the summer, and the latest rebound reinforces its importance.
“The defense of $110,000 has been crucial in keeping the broader bullish trend intact,”According to BITX technical strategist. “As long as BTC holds above this zone, the probability of testing higher resistance remains strong.”
The next significant challenge for Bitcoin lies near $115,000–$118,000, where price was previously rejected. Beyond that, the $122,000–$124,000 area marks a major supply zone that traders are watching closely.
The chart also shows a descending channel pattern, which BTC is attempting to break out of. A confirmed move above $115,000 would invalidate the bearish formation and signal renewed bullish momentum. Conversely, failure to hold $110,000 could open the door for a retest of lower support near $102,000 or even $94,000.
Despite recent volatility, overall price action suggests that buyers remain active on dips, supporting the broader uptrend that began earlier this year.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.