The price of Bitcoin rebounded strongly overnight, dipping to a low of 115,560 before bulls quickly organized a counterattack, oscillating upward and peaking at 117,591. Recently, since the price of Bitcoin briefly touched around 111,800, the market has shown a key turning point. Below this price level, a double bottom structure has gradually formed, which is significant in technical analysis. The bullish power in the market is gradually strengthening, initiating a rebound trend. Although there are occasional pullbacks during the rebound process, the overall bullish trend is becoming clear.
On the four-hour level, the bullish pattern remains, with the upper target pressure continuing to look at 118,000-119,000. Short positions during the day can still be attempted within this range, but breaking 119,000 is considered a loss. If the four-hour close falls below 116,000, long positions should be cautious as the four-hour level may start to pull back, with a break below 115,500. Support targets below look at around 114,100, and if Bitcoin stabilizes on the daily line, a pullback to around 115,500 can be attempted with small long positions, defending at 114,300.
