Bitcoin Faces Volatility, Key Levels for Rally Continuation Identified

Bitcoin has shown significant volatility, fluctuating between $102,000 and an all-time high of $126,000. Recent movements have seen it bounce from the $110,000 mark.

Key Levels for Bitcoin's Price Movement

Bitcoin's price briefly fell below $107,500 during a major liquidation event but rebounded to reclaim $110,000.
Analyst Ted Pillows emphasized the importance of maintaining the $110,000-$111,000 zone to prevent a drop to $107,000.
Daan Crypto Trades indicated that BTC's range between $107,500-$124,000 remains intact, with significant market activity around these levels.
Rekt Capital advised that stability near $114,000 could lead to a rise to at least $117,300.
A sustained close above $117,300 is crucial for further ascent towards $120,000.

Macro Market Observations

Bitcoin maintains a bullish macro structure by printing higher lows despite recent downturns.
The cryptocurrency has been consolidating between $108,000 and $116,000 since July.
Frequent upside wicks beyond $116,000 suggest strong support at lower levels.
Holding $114,000 support on the weekly timeframe is vital for challenging higher ranges.

As of now, Bitcoin trades at $112,610, down 2.7% on the daily chart.