BTC’s Path to a New ATH: Key Obstacles You Need to Watch (Bitcoin Price Analysis)
Main Idea
Bitcoin's ability to hold above the $112K support level suggests potential for a bullish rally, though macro volatility and key resistance at $116K remain factors to watch.
Key Points
1. Bitcoin has shown strong support around the $112K level, aligning with the 0.618 Fibonacci retracement and the lower boundary of a bullish flag pattern.
2. A sustained breakout from the current consolidation phase could lead to a renewed bullish rally, provided Bitcoin remains above the $112K support.
3. Recent futures order flow data indicates a rise in small-sized trades within the $112K–$118K range, which historically precedes bullish breakouts.
4. The $116K region is a key resistance level, coinciding with a previously broken ascending channel boundary, and a retest of this zone could determine future price direction.
5. High retail involvement and low institutional activity in the current range often signal a 'cooling-off' period before another upward move.
Description
Bitcoin’s ability to hold above the $112K support level, despite macro uncertainties, signals a strong market structure and demand. While near-term volatility may persist, especially around the $116K retest zone, a sustained breakout from the current consolidation could pave the way for a renewed bullish rally. Technical Analysis By ShayanMarkets The Daily Chart Following a wave of heightened selling pressure, partly fueled by geopolitical tensions between Russia and the USA, Bitcoin broke below...
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