After an exciting week for Bitcoin (BTC), which saw the cryptocurrency market’s founding asset hitting a new all-time high (ATH) before losing its momentum again, optimism has returned as Bitcoin defended the key support area near $112,000.
Indeed, BTC has bounced back convincingly, reclaiming short-term moving averages (MAs) and restoring bullish sentiment across the board, and crypto analyst Michaël van de Poppe noted on October 13 that the technical structure remains intact for more upside, as long as Bitcoin clears one final obstacle.
Specifically, the popular crypto trading expert has argued that Bitcoin was “bouncing back firmly” and that we might witness a new ATH “really soon,” pinpointing the area around $120,000 as the crucial resistance to break “in order to have momentum upwards.”
Crucial levels to watch
As his chart demonstrates, the $119,000 – $120,000 zone is the make-or-break region where previous highs and liquidity converge, whereas holding the $111,000 – $112,000 range keeps the structure bullish and sets the stage for continuation. Breaking above $120,000 could propel BTC toward $123,000 and beyond.
However, if the flagship decentralized finance (DeFi) asset fails to break resistance, traders will watch for a retest of $112,000 as a potential higher low formation before any renewed push higher.
For the time being, Bitcoin is changing hands at the price of $115,038.09, recording an increase of 3.19% in the last 24 hours, as it’s trying to recover from a 7.15% drop across the previous seven days and an accumulated decline of 0.76% on its monthly chart.
Meanwhile, one of the bullish developments that could assist in Bitcoin improving its price is the popular miner MARA Holdings purchasing 400 BTC worth around $46 million, thus bringing its total holdings to 53,520 BTC – worth more than $6 billion.
What do you think?
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