- Bitcoin rebounds sharply from $115K, showing strong bullish momentum.
- Descending wedge pattern signals bullish continuation if breakout holds.
- $97K and $76K remain critical long-term support for BTC trend.
Bitcoin continues to consolidate near recent highs, signaling sustained bullish strength in the market. After recovering from a brief dip, the cryptocurrency is currently trading just below the $118,000 level. Key support zones remain intact, offering a strong footing for potential upside.
Major Support Zones Remain Firm
Bitcoin has maintained its position above two crucial support levels, around $97,000 and $76,000. These zones have acted as historical pivot points over the past year. Tony indicated that he is holding a long position and is “waiting patiently,” reflecting confidence in the continuation of the current uptrend.
Since its strong rally between April and July, Bitcoin has entered a consolidation phase. Market participants view this as a potential continuation pattern, which often precedes another upward leg in bullish cycles. Holding above the $97,000 mark has been critical to preserving momentum, as it suggests that buyers remain in control.
Technical Setup Signals Possible Breakout
Additionally, Analyst Captain Faibik highlighted a descending wedge pattern forming on Bitcoin’s 4-hour chart. This structure is typically bullish and has been reinforced by BTC’s rebound from the wedge’s lower boundary. The price is now testing resistance near $118,800.
Faibik noted that a confirmed breakout above this resistance could pave the way for a rally toward $125,000. He emphasized that this move would represent a continuation of the broader macro uptrend. The recent bullish price action is seen as a rejection of bearish momentum that had briefly threatened to cap gains.
Bullish Momentum Builds Above $117,000
As of press time, Bitcoin is trading at $117,624.24, reflecting a 1.44% gain in the last 24 hours. The asset rebounded from a low of $115,260, reinforcing the strength of current buyer interest. Analysts point out that maintaining levels above $117,000 keeps bullish sentiment intact.
Traders are closely monitoring the $118,800 resistance zone. A successful close above this level could confirm Faibik’s wedge breakout pattern. Meanwhile, the broader market continues to view the $97,000 and $76,000 zones as key structural supports protecting the ongoing trend.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
