Bitcoin has successfully completed a breakout above the prior weekly high structure, followed by a healthy pullback which is currently unfolding into a bullish pennant formation.
The key highlight is how price is retesting the neckline zone with precision, which now doubles as a strong immediate buyback zone.
The reaction from this level is already showing strong bullish momentum, with price gearing up to challenge the previous ATH.
A breakout above that resistance should unlock the path toward the projected 116.5k and 123.4k targets as shown on the chart.
Failure to hold the Immediate Buyback Zone opens the door toward the Strong Demand Zone, which remains a valid re-accumulation point within this bullish cycle.
Stay sharp. The structure remains intact unless the neckline fails decisively.
Price forming potential bullish pennant.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
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