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Bitcoin Price Analysis: Support, Resistance, and What’s Next
Bitcoin Price- Bitcoin (BTC) recently surged to a new all-time high of $123,000, before settling around $119,000 in the latest trading sessions. This rally marked a powerful breakout fueled by strong momentum, as Bitcoin flipped former resistance zones into solid support levels.
Daily Chart: Bullish Structure Intact
On the daily timeframe, BTC remains within its macro ascending bullish channel. The breakout from a well-defined bull flag pattern—which formed after BTC’s run from $75K in April—pushed the price above key resistance at $108K and $114K, accelerating the move toward $123K.
While the price has pulled back slightly, BTC still trades above its 100-day and 200-day moving averages, which are trending upward. This suggests strong buyer demand and a healthy long-term trend. The next major target lies near the channel’s midline at $140K, a potential magnet for price.
If a short-term retracement occurs, the $110K–$114K zone is expected to act as strong support, supported by recent price memory and bullish fair value gaps (FVGs).
4-Hour Chart: Cooling Off, But Bulls Still in Control
On the 4-hour chart, Bitcoin is consolidating just below a bearish FVG at $118K–$119K. The RSI has cooled to 58 from overbought territory, indicating room for further upside if bulls regain momentum.
Multiple bullish FVGs between $111K–$114K offer attractive zones for potential long entries if price dips further.
Retail Sentiment: Euphoria Still Absent
Interestingly, retail trader participation remains average, based on the Bitcoin Spot Retail Activity indicator. Unlike previous all-time highs, the market hasn’t yet seen overheated retail euphoria—suggesting BTC still has room to grow sustainably, especially if futures markets stay stable.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
