Current Market Situation:
Price: ~$113,118
Recent Move: BTC has been in a corrective decline from its recent peak near 124,000.
Support Zone: Around 110,500 – 112,000 (highlighted in green).
Resistance Zone / Target: Around 124,000 (highlighted in orange).
📈 Technical Outlook:
Support Test: Price is bouncing near a strong support region around 113,000 – 112,000, suggesting potential buyer interest.
Bullish Bias: The upward arrow on the chart suggests a long position setup, with expectations of BTC retesting previous highs.
Risk/Reward:
Stop Loss: Below 110,685 (break of key support would invalidate bullish setup).
Take Profit: Around 124,369 (previous high zone).
Risk/Reward ratio is favorable, leaning towards upside momentum.
📉 Bearish Risk:
If BTC fails to hold above 112,000, further downside toward 108,000 – 106,000 is possible.
✅ Summary:
Bitcoin is showing signs of a bullish reversal from key support, with potential to rally toward 124,000 if buyers maintain momentum. Traders may look for long entries near current levels, but should protect downside with a stop below 110,500.