Bitcoin Traders Eye $111,673 Level as Ideal Entry Point

Bitcoin (BTC) is currently near its record highs, trading around $119,500, with traders considering entry points amid potential price movements.

Markus Thielen from 10x Research suggests waiting for a pullback to the former resistance-turned-support level under $112,000.
A retest of the $111,673 breakout level is preferred for a better risk/reward ratio.
The ideal risk-reward ratio for traders is at least 1:2, targeting bullish entries near key support levels.
If no pullback occurs, entering above $120,000 would indicate a breakout above the trendline connecting July highs.
A sustained move above $120,000 may justify re-engagement but requires tight stop-losses.