Bitcoin Price Analysis: Is Bitcoin Due for a Reset Before Its Next Breakout??

Key Points

1. Bitcoin broke above the $108K–$110K resistance zone, reaching as high as $123K, with potential to target $140K.

2. The 50-day and 100-day moving averages around $100K provide strong dynamic support, keeping bulls in control if the price holds above $108K.

3. A potential rebound zone lies between $112K and $111K, corresponding to the 0.618–0.786 retracement levels.

4. The Miners Position Index has spiked, indicating increased miner outflows to exchanges, which could impact market dynamics.

5. A break below the neckline around $117K–$116K with volume could accelerate a bearish drop as trapped longs exit.