The pullback from the peak of $112,000 could set BTC up to reach the target of $120,000.
The price of Bitcoin fell 3.13% to $108,200 in today's session, retreating from an intraday high of $111,800. Despite the pullback, the technical momentum remains bullish.
The short-term 9-day moving average continues a firm trend above the green 21-day moving average, confirming a bullish crossover since early May that historically precedes price expansion.
The brief correction in BTC's price observed in the daily candle appears to be a healthy consolidation after an aggressive rally from levels below $100K, with support near $106,500; the convergence zone of the 21/9 MA is likely to act as a possible re-entry point.
The Bitcoin price forecast for today maintains a bullish structure, as the MACD still shows a positive bias. The MACD line at 4117 comfortably sits above the signal line at 3927, despite a slight inward curve.
It is important to highlight that the histogram bars continue to show values above zero, indicating that bullish pressure remains intact. As long as the BTC price stays above the moving average (MA) support zone and the MACD remains in positive territory, the prevailing trend will continue to be bullish.
A bullish breakout could resume if BTC recovers $111,000 with high volume. A confirmed close above $112,000 paves the way toward $118,000-$120,000, aligning with Fibonacci extension targets and previous resistance clusters.
On the other hand, if the level of $106,500 cannot be maintained, a deeper correction towards $103,000 could be triggered, where the 21-day moving average provides critical trend support.