- Bitcoin bounced back from its $115,730 lows, going above $119,500 and the 50% Fib retracement line.
- A close above $121,000 daily could spark an upsurge toward $132,000, predicts analyst Ali Martinez.
- Supports are at $119,000, $115,500, and $110,500; breaks could bring broader correction.
Bitcoin corrected lower from its peak of $123,200 last week. Prices fell below $120,000 and re-trenched the support area of $115,500. A bottom was formed at $115,730, but bulls stepped in. Prices rebounded and have now recovered above $118,000 as well as $118,500, offering clues of re-developing buyer interest.
Rebound took Bitcoin above the 50% Fib level. It measures the retracement of the swing from the high of $123,140 to the low of $115,730. There was also a breakout above a bearish trend line around $119,000. From the hourly chart, one can see BTC holding well above $119,500 as well as above the 100-hourly simple moving average.
The nearest resistance is around the $120,200 mark. There is a stronger barrier around $121,400. This corresponds to the 76.4% Fib retracement mark. It would require a breakout of that area for the price to potentially push toward $123,150. Bulls look set to challenge that area once more.
Also Read: Can Bitcoin Reach $250K in 2025? Latest Data Points to Explosive Growth
Analysts Predict Bitcoin Surge to $132K
Analyst Ali Martinez noted that a daily close above $121,000 could ignite a sharp rally. He believes this could push Bitcoin as high as $132,000. The price has captured the attention of bulls scouting for the next breakout.
Bitcoin is currently consolidating just under this crucial level. The $121,000 mark is now a major psychological barrier. If reversed into support, institutions and breakout traders could push prices into significantly higher ranges. Momentum could gain further pace if $123,150 is also convincingly broken.
A clean breakout above $123,150 could spur advances to $124,200. Above that, bulls might focus on $125,000 and $126,200. Every one of these resistance areas has the potential for generating new buying interest. This could help sustain the current uptrend and set the stage for a rally to $135,729 or even $150,000.
Support Levels to Watch if Bulls Fail
If Bitcoin struggles at $121,400 again, a pullback may follow. The first support lies near $119,000, reinforced by the 100-hourly SMA. A deeper dip may find buyers near $117,500. If that fails, the $115,500 support zone will be tested once more.
A drop below $115,500 could send the price down to around $113,500. Below that, the main support is at $110,500. A drop below that could place bears in control. The last line of defense is around $105,000, where a broader correction could start.
Also Read: Bitcoin Rises 905%, But MSTR Surges 3,558% Under Saylor’s Bold Strategy
