BTC Bounces Strongly From Support Zone, Eyeing Resistance Near $120,000
Bitcoin (BTC) has reclaimed the spotlight after a sharp rebound pushed its price above $114,000, signaling renewed bullish momentum in the broader cryptocurrency market. The move comes just days after BTC tested a critical support area around $108,000, with strong buyer activity reversing the short-term downtrend.
The daily chart shows Bitcoin breaking out of a descending parallel channel, a pattern that had guided price action for the past several weeks. The breakout coincided with a strong reaction from the green support zone between $107,000 and $110,000, an area that has historically attracted institutional demand.
Trading volume increased notably, suggesting fresh participation from both retail and long-term investors. Analysts highlight that the latest bounce reinforces Bitcoin’s underlying market strength.
“The $110K level acted as a launchpad for this rebound,” said BITX technical strategist. “If Bitcoin can maintain daily closes above $114,500, the next upside target remains at $119,000–$121,000, where heavy resistance lies.”
The red resistance zone on the chart, spanning $119,000 to $122,000, remains a key obstacle for further upside. A confirmed breakout above that range could open the path toward the $130,000 psychological level, which traders see as the next milestone for a full bullish continuation.
Meanwhile, downside risk persists if BTC fails to sustain current levels. A close back below $111,000 might trigger short-term profit-taking, potentially dragging price back toward the $107,000 support base.
Market sentiment appears cautiously optimistic. The rebound has restored confidence among long-term holders, who view the recent correction as a healthy consolidation phase rather than a trend reversal.
As one BITX market analyst noted, “Bitcoin’s ability to rebound this strongly after a deep pullback shows the market’s resilience. If momentum continues, the $120,000 breakout could mark the start of a new expansion leg in Q4.”
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.