BTC Tests Resistance After Strong Bounce From $110K Zone
Bitcoin is showing signs of recovery, trading near $114,144 after bouncing from the critical $110,000 support zone. The move comes as buyers defended a key level highlighted on the chart, reigniting bullish momentum despite broader market uncertainty.
The daily chart indicates Bitcoin recently tested the $110,000–$112,000 support area (green zone), where strong buying interest emerged. This rebound pushed BTC back inside a descending channel pattern (orange trend lines), now targeting upper resistance levels.
“The $110K floor remains crucial for Bitcoin’s medium-term structure, and bulls have so far succeeded in defending it,” According to BITX market strategists. “The next hurdle is breaking out of the descending channel and reclaiming $116K–$118K to confirm momentum.”
Upside resistance remains significant near $120,000–$122,000, where heavy selling pressure has repeatedly capped rallies. Above this, the all-time high zone near $124,000 is the ultimate test for bulls.
Volume data suggests renewed accumulation during the bounce, signaling traders are positioning ahead of potential macro-driven volatility. With U.S. monetary policy shifts in focus, Bitcoin has shown resilience, maintaining strength above six figures despite pullbacks.
Analysts note that “as long as BTC holds above $110K, the broader uptrend remains intact.” However, a breakdown below this level could trigger deeper corrections toward $102,000 or even $94,000, highlighted as historical demand zones.
Bitcoin’s immediate challenge is to sustain momentum above $114K and attempt a breakout from its channel formation. If bulls can clear the $118K–$120K region, a retest of record highs becomes increasingly likely.
For now, the defense of $110K has given traders renewed confidence, setting the stage for a decisive battle between buyers and sellers as September unfolds.
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.