$BTC On the daily chart, Bitcoin appears to be consolidating around the critical support area between $111,658 and $113,000 after a pronounced rejection near the peak of $124,517.

Initially, there was a strong bearish candle marking the recent peak, but it was immediately followed by a bounce from the low, supported by a noticeable increase in volume — this implies bullish absorption.

The subsequent green candle with high volume highlights the presence of buyers. However, target levels of $117,000 and $124,000 may face new resistance if momentum does not gain confidence from this level.

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From the perspective of the four-hour Bitcoin chart, the leading crypto asset has demonstrated a V-shaped recovery from $111,658, reaching a height of around $117,500 before beginning to consolidate.

The pattern now reflects lower highs with weakening volume, indicating bull exhaustion.

However, a retest of the $112,000–$113,000 range with sustained higher lows will confirm the continuation setup.

Immediate resistance is around $116,000 with a secondary barrier near $117,500 if the current structural trend holds.

The hourly Bitcoin chart shows behavior after the breakout, when BTC soared from $111,658 to $117,421 in one bullish candle.

Currently, the price action is forming what could be a bullish flag or ascending triangle, which is a typical sign of continuation in strong trends.

Moderate pullbacks on low volume indicate limited selling pressure. A confirmed breakout above $117,000–$117,500 on high volume could lead to a rally to $118,000 and potentially $120,000, provided the momentum remains intact. A stop-loss below $114,500 is recommended for short-term positions.

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Bullish Verdict:

If Bitcoin holds support above the $111,658–$113,000 zone and breaks the $117,000 level on high volume, the overall trend will remain intact, favoring a move towards $118,000 and potentially $124,000.

The structure across all time frames supports bullish continuation, especially as long-term moving averages are still in the buying zone.

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Bearish Verdict:

If Bitcoin does not hold above the support level of $111,658 and drops below $111,000, it may trigger a broader correction to lower levels, negating the recent recovery.

Weakening momentum indicators and bearish short-term moving averages increase the risk of an accelerated decline if support is lost.