$BTC /Bitcoin’s Next Move: Will Support Zones Hold?

After surging past $118,667 last week, Bitcoin is taking a breather, currently trading at $117,953, slightly off its peak. Here’s a concise look at the key support levels that could shape its next move, based on RLinda’s technical analysis.

Key Support Zones in Focus

Bitcoin remains in a bullish trend, consolidating without forming a clear peak. The market structure suggests potential for further gains, but critical support levels will determine whether Bitcoin holds firm or faces a deeper pullback:

Immediate Support ($117,500): Bitcoin is hovering just above this level on the 1-hour chart. A break below could trigger a correction.

Next Levels ($115,500, $114,300, $111,800): If $117,500 fails, these zones may act as short-term floors, with $111,800 aligning with Bitcoin’s prior all-time high.

Fibonacci Supports ($113,031, $111,960): The 0.5 and 0.705 Fibonacci levels could offer temporary relief during a pullback.

Critical Defense Zone ($110,400): A strong bullish rally is likely here, acting as a key buy zone.

Danger Zone (Below $115,500): A break below this level could push Bitcoin under $110,000, testing deeper support before buyers step in.

Outlook

Bitcoin’s bullish structure remains intact after a two-month consolidation, but the $117,500 support is pivotal. Holding above this level could signal a continuation of the uptrend, while a break might lead to a sharper correction. Keep an eye on these zones for Bitcoin’s next big move.