### Overall Trend
- Trend: Corrective Upward
The price of Bitcoin is moving within an upward channel on the 4-hour chart and has formed a higher low than the previous low, indicating continued buying pressure and consolidation of the upward trend in the near term.
#### Key Support and Resistance Levels
- Actual Support:
- $116,700 – A dynamic support level at the bottom of the upward channel.
- $113,769 - $110,828 – A strong support area that the price has held up against previously, enhancing the likelihood of bouncing back when tested.
- Immediate Resistance:
- $122,000 – Represents the highest level recently tested, and the price has been rejected from it several times.
- $130,000 – Expected upward target, considered a long-term resistance level.
#### Market Signals and Current Drivers
- Strong Institutional Demand:
The issuance of bonds linked to Bitcoin by companies like Smarter Web Company and Capital B boosts confidence in BTC as a strategic asset and supports medium-term demand.
- Mining Companies Activity:
Bitdeer data shows a net purchase of 42.2 BTC, indicating mining companies' confidence in future price increases, thus reducing selling pressure.
- Stability in the mining supply chain:
Tariff exemptions for TSMC and Samsung support the stability of the mining equipment supply chain, reducing the risks of supply volatility.
#### Summary in Points
- The price maintains an upward structure on the 4-hour chart.
- Main support at $116,700, with stronger support between $113,769 and $110,828.
- Immediate resistance at $122,000, with a potential upward target at $130,000.
- Institutional support and mining companies enhance confidence in the continuation of the upward trend.
- Any drop below $116,700 may retest deeper support, while a breakout above $122,000 could accelerate the movement towards $130,000.
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