Bitcoin's action during this week showed a clear bearish structure in the first half, marked by the formation of lower highs (LH) and a decisive break of support with strong selling volume, which generated a new low (LL) below 100,000 dollars.
However, this drop proved to be a false breakout, as indicated by the area of high liquidity detected in the volume, which triggered a rally driven by aggressive buying. The price recovered ground with a well-defined upward slope and is now approaching a supply zone between 104,000 dollars and 104,400 dollars.
If Bitcoin fails to overcome the supply zone with conviction, a new correction towards 102,000 dollars could be observed. Conversely, a clean breakout to the upside could enable a recovery scenario with a target towards 106,000 dollars.
