Bitcoin Bounces Off Key Demand Level – Price Discovery On The Menu?
Bitcoin has shown increased volatility, fluctuating between critical levels as traders anticipate a breakout or breakdown. After testing $105,000 as support, BTC rebounded towards the $109,000 resistance zone, which has limited upward movement for weeks. A breakout above $112,000 with strong volume is necessary to confirm a long-term bullish trend. Current market conditions may remain range-bound due to macro factors and profit-taking. Technical analysis indicates strong support from the 50-day moving average and exponential moving average, which have historically triggered bullish reactions. Bitcoin's ability to maintain higher lows during consolidation suggests strong bullish control. A decisive close above $112,000 could initiate a new wave of bullish momentum for both BTC and the broader crypto market, potentially leading to significant gains for altcoins. The market is closely monitoring for confirmation of Bitcoin's readiness to enter price discovery again.
