Recent analysis indicates that the current state of the Bitcoin market represents a consolidation pause rather than a reversal. Key resistance and support levels play a crucial role in this process.
Key Resistance Levels
According to the analytical firm, a critical level of resistance in the near term is around $121,100, marked by a key Fibonacci level. A breakout above this level could ignite further upward movement.
Support Levels and Correction
On the downside, support is found near $113,600, which aligns with the 0.382 Fibonacci level. A retest of this zone would still fall within a normal corrective move. Experts emphasize that as long as Bitcoin remains above $106,000, its medium-term bullish structure remains intact.
Market Conclusions
Should Bitcoin clear the $121,000 resistance, the next key targets will lie at $129,600 and $133,800, levels tied to Fibonacci extensions forecasting potential upside if bullish momentum continues.
Thus, the current state of the Bitcoin market is characterized by key resistance and support levels that will determine future price dynamics.
