Bitcoin Maintains Key Support Levels, Suggesting Potential for Rebound Above $116K Amid Bullish Market Structure

Key Points

1. Bitcoin is holding above critical support at $113,500, with a diagonal trendline and horizontal breakout zone reinforcing this level.

2. The market structure shows Bitcoin in a tight trading channel between $116,000 and $121,000, indicating a potential V-shaped rebound.

3. Traders can monitor Bitcoin’s price action by observing key support and resistance levels, particularly around $113,500.

4. The trendline and horizontal breakout zone serve as clear invalidation points, with bulls remaining in control unless these levels are broken.

5. Bitcoin’s ability to stay above $113,500 suggests potential upward movement in the near future.