Bitcoin Eyes New Highs As Price Retests $109,000, But Analyst Warns Of Potential Pullback

Bitcoin (BTC) is trying to reclaim a important country amid its caller terms recovery, which could propel the flagship crypto toward caller highs. Some analysts suggested that BTC is preparing for the “final resistance,” portion others warned that it inactive risks a imaginable pullback to little levels.

Bitcoin Rally Eyes Next Resistance

Bitcoin has yet regained important bullish momentum aft printing a monolithic regular candle connected Monday. The flagship crypto precocious mislaid its post-all-time precocious (ATH) scope of $106,800-$109,700, sparking interest among immoderate investors.

Amid the caller marketplace pullbacks, which began successful precocious May, the flagship crypto besides registered immoderate volatility, losing cardinal levels arsenic enactment and hitting a one-month debased adjacent the $100,000 level past week.

However, BTC reclaimed the $105,000 people implicit the play earlier surging supra the $106,800 important absorption connected Monday. Following this performance, expert Rekt Capital stated that Bitcoin has successfully retested the $104,400 re-accumulation scope precocious absorption arsenic caller enactment for 4 weeks.

He highlighted that BTC was “rebounding from this caller enactment basal successful an effort to modulation into Price Discovery again.” Additionally, Bitcoin ended its two-week downtrend, signaling a Daily Close astir the $110,500 area.

Bitcoin attempts to reclaim cardinal absorption level. Source: Rekt Capital connected X

Per the analyst, BTC “has skipped done the $106,600-$109,443 Daily Range entirely,” and is “once again positioning itself similar successful precocious May for a retest” of the range’s precocious arsenic support, which propelled the terms to its ATH past month.

A regular adjacent supra the $109,443 level would acceptable up BTC for a revisit of the “final Daily resistance,” astir the $111,723 mark, earlier a caller ATH. The expert besides affirmed that reclaiming the “final play resistance” of $108,900 arsenic enactment would besides adhd to BTC’s momentum.

BTC In A ‘Dangerous Area’?

Analyst Crypto Jelle suggested that turning the $108,000 terms country into enactment could nonstop Bitcoin to the terms find phase, perchance targeting the $120,000 mark. He noted that erstwhile unsuccessful breakout attempts failed to reclaim this level, but that the cryptocurrency is presently holding this area.

Based connected a multi-month pattern, Jelle besides reaffirmed its $140,000-$150,000 people for BTC’s rhythm top. The expert highlighted a large inverted Head and Shoulders signifier forming since the extremity of 2024.

According to the post, the signifier is “nearing completion” aft the caller terms drop formed the close shoulder, portion the neckline sits astir the $111,000 mark. A breakout supra this level could nonstop Bitcoin to Jelle’s rhythm apical target.

Altcoin Sherpa considers that BTC’s illustration “looks beauteous good” successful the high-time timeframes, suggesting that helium volition beryllium “bullish until shown otherwise.” However, helium warned that Bitcoin is “still successful a unsafe area” arsenic it could driblet to little levels if it doesn’t reclaim the $110,000 level.

To Sherpa, “it’s logical to presume immoderate benignant of pullback is going to travel successful the reddish proviso zone,” which sits betwixt the cardinal absorption enactment and its ATH level. Meanwhile, Ali Martinez highlighted connected X that BTC’s astir important enactment country sits betwixt the $102,770 and $106,090 levels, wherever 2.21 cardinal addresses bought 1.39 cardinal BTC.

As of this writing, Bitcoin trades astatine $109,995, a 3.6% summation successful the play timeframe.

Bitcoin’s show successful the one-week chart. Source: BTCUSDT connected TradingView

Featured Image from Unsplash.com, Chart from TradingView.com