Bitcoin Reclaims $118,000 Amid Bullish Momentum and Stability
Bitcoin Reclaims Key Levels Amid Bullish Momentum
- Bitcoin surged above $118,000, signaling a shift in market sentiment toward bullish momentum.
- Historically strong performance in October could drive Bitcoin toward new highs if current trends continue.
- Market data shows Bitcoin is in equilibrium with balanced buying and selling pressures, indicating a stable market structure.
- The combination of seasonal patterns and stability suggests potential for continued upward movement.
Critical Resistance Levels and Market Dynamics
- Bitcoin currently trades around $118,800, surpassing the $117,500 resistance from September.
- The next resistance zone is between $119,000–$120,000, leading to potential retests of summer highs near $125,000.
- Recent price action has turned key moving averages into support zones, reinforcing a longer-term bullish trend.
- A consolidation around $118,000–$119,000 may occur before further advances.
- If Bitcoin fails to maintain above $117,500, a pullback towards $115,000 is possible.
Equilibrium and Future Projections
- Bitcoin aligns with the STH-MVRV pricing corridor, indicating recent buyers are in profit.
- The upper boundary of this corridor is near $130,000, a potential target if dynamics persist.
- Institutional flows and historical October rallies position the market favorably for potential upside.
- Continued buying pressure could realistically push Bitcoin towards the $130K zone.
