#bitcoin Could Rebound Toward 122,800 – Key Support in Play
Hey traders, here’s my latest view on Bitcoin. Zooming out on the BTC chart, we can identify two key technical patterns: a broad trading range and a larger ascending wedge. While this wedge signals an overall bullish sentiment, the tightening price action hints at weakening upward momentum.
The base of this structure was formed in the strong demand zone between 104,500 and 105,500 — a proven support level historically. At present, BTC is hovering near another critical support zone between 116,500 and 117,300.
Price action here is showing signs of correction and consolidation, reflecting a temporary balance between buyers and sellers. This pause near the wedge’s lower boundary is crucial. I believe there’s a good chance of one more minor dip to fully retest the 116,500 – 117,300 zone and clear out any remaining sell orders.
If that dip holds, we can expect a sharp upward move. The logical target for this bounce is 122,800 — the top of the current range and a key resistance level.
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