Bitcoin Aims for Price Discovery Rally if $104,500 and $110,000 Hold
Bitcoin (BTC) is attempting to establish the $110,000 resistance as support, with analysts forecasting further price discovery and potential new highs.
Key Developments
- Bitcoin reached a new all-time high (ATH) of $111,814 before retracing.
- The cryptocurrency confirmed a breakout into its second Price Discovery Uptrend after retesting $104,500 as support.
- Over the past month, Bitcoin has rallied nearly 50% from April lows.
- Analyst Rekt Capital indicated that BTC has ended its downside deviation period and may form a new range after this phase.
- A historical pattern suggests a correction of 25%-35% is likely before resuming upward momentum.
- Holding above $104,500 is crucial for sustaining the current price discovery rally.
$110,000 Breakout Analysis
- Bitcoin has been retesting the range high as support, confirming recent breakouts.
- It turned $102,500 into support after previously being rejected in January 2025.
- Only previous upwicks at $108,353 and $109,588 stand in the way of additional price discovery.
- Trader Daan Crypto Trades noted a "choppy" price action but remains optimistic if Bitcoin stays within the current range.
- Analyst MacroCRG emphasized the need to reclaim the $110,000 level for continued rally prospects.
- Currently, Bitcoin trades at $109,181, reflecting a 1.4% daily increase.
