Bitcoin Aims for New Highs After Retesting $109,000 Resistance
Bitcoin (BTC) is recovering its price, aiming to break crucial resistance levels. Analysts are divided on its future trajectory, with some indicating potential for new highs while others warn of possible pullbacks.
Current Market Dynamics
- Bitcoin regained bullish momentum after a significant daily candle on Monday.
- It recently fell below the $106,800-$109,700 range, raising investor concerns.
- Last week, BTC hit a one-month low near $100,000 before climbing back above $105,000.
- Analyst Rekt Capital noted that BTC has retested the $104,400 resistance as support.
- The cryptocurrency ended a two-week downtrend with a Daily Close around $110,500.
- A close above $109,443 could lead to testing the final resistance at approximately $111,723.
- Reclaiming the weekly resistance of $108,900 would enhance BTC's upward momentum.
Potential Risks and Targets
- Analyst Crypto Jelle highlighted the importance of turning the $108,000 area into support for further gains.
- He maintains a target of $140,000-$150,000 for BTC in this cycle, based on an inverted Head and Shoulders pattern.
- This pattern is approaching completion, with a neckline around $111,000; a breakout above this could trigger significant price movement.
- Altcoin Sherpa expressed bullish sentiment but cautioned about the risk of a drop if BTC cannot reclaim $110,000.
- Ali Martinez identified key support between $102,770 and $106,090, where substantial buying occurred.
Currently, Bitcoin trades at $109,995, reflecting a 3.6% increase over the week.
