Bitcoin (BTC) Price Eyes $114,000 Retest Amid Bounce, But Analyst Suggests Caution
Bitcoin has recovered 6% from recent lows, attempting to reclaim a crucial support level around $110,000. Analysts suggest this area has historically held as support, potentially indicating a con…
#btc #crypto #news
Bitcoin (BTC) Price Eyes $114,000 Retest Amid Bounce, But Analyst Suggests Caution
Bitcoin has recovered 6% from recent lows, attempting to reclaim a crucial support level around $110,000. Analysts suggest this area has historically held as support, potentially indicating a continuation of the bullish trend. Despite a bearish sentiment in the market, Bitcoin's multi-year ascending trendline remains intact. Some experts advise caution, predicting sideways movement and consolidation for the next 6-8 weeks, leading up to December. Bitcoin has been trading within a specific price range since July, with recent dips testing the lower bounds. The 21-week Exponential Moving Average is identified as a key indicator for trend continuation. If Bitcoin reclaims this EMA as support, it could target higher levels within its range. A monthly close above a developing lower high would invalidate bearish signals and position Bitcoin for a potential breakout. Conversely, a monthly close below this level could suggest further consolidation or a bearish retest. The $114,000-$116,000 area is considered a significant resistance to overcome for further upside.