Key Support and Resistance Zones in Focus
Bitcoin (BTC) is currently trading near $111,638, showing signs of consolidation after a strong bullish run earlier this year. The latest technical setup reveals critical levels that traders are closely monitoring for the next potential move.
After touching the $124,000 zone, Bitcoin has faced a notable correction, forming a descending channel pattern. This signals weakening bullish momentum in the short term. Analysts highlight that BTC is currently holding above a major support area between $108,000 and $112,000, marked by a green zone on the chart.
“The market structure remains bullish overall, but short-term pullbacks are healthy after such an aggressive rally,” said BITX market strategist. “If Bitcoin closes below the $108,000 level, it could open the door for deeper corrections toward $102,000 or even $93,000.”
The immediate resistance lies near $118,000 to $124,000, where sellers have been defending aggressively. The red zone at the top reflects this supply area. Breaking above this level would confirm a potential continuation of the bullish trend toward $130,000.
However, the descending channel breakout remains critical. “If bulls can reclaim $115,000 and break out of the channel, momentum could return,” According to BITX analyst . Until then, traders expect sideways price action within the current range.
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.