$BTC

Bitcoin’s Next Moonshot? $112K Target in Sight After Strategic Pullback

Bitcoin ($BTC) is making headlines again as it rebounds to $107,094 following a calculated pullback from recent highs. After dipping near the $105,000 support level—just above the crucial 50-day EMA around $102,000—the leading cryptocurrency is showing renewed bullish momentum. Analysts believe this retracement was not a sign of weakness but part of a broader consolidation pattern that could catapult Bitcoin toward the $112,000 resistance zone in the coming sessions.

On-chain data continues to support the bullish narrative. Long-term holders have added over 1.15 million BTC to their portfolios during this period, signaling deep market conviction. Whale wallets have also shown aggressive accumulation, while exchange reserves for BTC have dropped to seven-year lows—an indication of tightening supply. Adding to the optimism, institutional demand remains strong, with rising open interest in Bitcoin futures and fresh inflows into U.S.-listed Bitcoin ETFs.

Technical analysts are closely monitoring key levels. Immediate resistance sits at $112,000, with a breakout potentially pushing Bitcoin toward $120,000 or even $137,000, based on Fibonacci extensions. On the downside, support levels to watch include $107,000, $105,000, and the psychological barrier at $100,000. Despite short-term risks, the overall market setup points to a coordinated trend continuation rather than random volatility—fueling speculation that Bitcoin’s next moonshot could happen sooner than many expect.