LONDON (IT BOLTWISE) – Bitcoin is showing signs of recovery and moving towards a crucial resistance area. If this is overcome, the path to new all-time highs could be open. The cryptocurrency is currently in a critical phase as market participants prepare for possible outbreaks of volatility.
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Bitcoin has recently been consolidating within a clearly defined range bounded by its 100- and 200-day moving averages. This consolidation signals a period of stability, but could also indicate a larger move to come. The recent rise towards the upper boundary of this range suggests a possible strengthening, which is being closely monitored by market watchers.
The daily chart shows Bitcoin trapped within a critical range, with the 200-day line at around $109,000 acting as strong support, while the 100-day line at around $115,000 acting as immediate resistance. The recent rise from the $108,000 demand zone has pushed the price back towards the upper boundary of this structure. A decisive close above this level could pave the way for a retest of the $120,000-$122,000 liquidity zone.
On the 4-hour chart, Bitcoin is trading within a symmetrical triangle pattern, indicating a period of volatility compression that typically precedes a strong breakout. Currently, the cryptocurrency is attempting to break out above the upper trendline, which would confirm a shift in bullish momentum and set the target at the $120,000-$122,000 liquidity zone. However, a failure to overcome the resistance could lead to a fresh decline towards the $108,000 support.
On-chain analysis shows that the realized price of medium-term holders (3-6 months) continues to act as an important market indicator. The recent rise from $102,000 pushed the price just above the Realized Price of $109,000, indicating improving market sentiment. A confirmed breakout above $114,000 could boost the confidence of these holders and potentially trigger a fresh upward move towards new all-time highs.
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