Bitcoin has bounced from a key demand zone and is flashing a strong bullish reversal. Analysts suggest that a close above $109,000 could end the bearish phase, triggering a rally to new highs.
Bitcoin appears to be on the verge of a recovery phase on the charts after filling a major Fair Value Gap (FVG) as bulls take charge. Following a higher low at $ 98,000, bullish momentum is brewing, and traders are anticipating a close above the key resistance level of $109,000. Will the bulls break above this level?
BTC’s momentum strength on the chart
A look into the 6-hour BTC chart reveals notable bullish signals that can strengthen its bullishness. The king of crypto has bounced from a bullish order block to form a higher low at the $98k, suggesting heightened buyer conviction. Additionally, the price has reclaimed $106k, a rally past the $103k-$105 consolidation zone that had lasted for days.
According to crypto analyst Crypto Patel, the $109k key resistance zone could be the end of BTC’s bearish momentum. The analyst has taken to X (formerly Twitter), noting that:
“You wanted a signal? Here it is: $BTC above $109K HTF close = GAME OVER for bears.”
Despite a low trading volume over the past 24 hours, Bitcoin’s open interest has surged 2.93%, per CoinGlass data. The long short-ratio stands slightly above 1.04 (neutral zone), showing a fading bearish momentum. If bulls could break above the $109k, the next target could be BTC’s all-time high in the $112k zone. With a high volume, the coin could rally to new all-time highs.
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.
