Bitcoin (BTC) Price Eyes $114,000 Retest Amid Bounce, But Analyst Suggests Caution

Bitcoin (BTC) started the week recovering 6% from Friday’s drop and attempting to reclaim a crucial area that could set the stage for a trend continuation. However, some analysts have advised caution as BTC’s next leg up could be delayed until ￰0￱ Reading: XRP DEX Volumes Surge As Price Plunges: Smart Money Accumulating? Bitcoin To Move Sideways Until December? After the end-of-week market downturn, Bitcoin has bounced to the $110,000 level and is attempting to turn this area into support again.

Notably, the flagship crypto has been trading within the $108,000-$120,000 price range since ￰1￱ week, BTC recorded its second drop below the range lows, falling to the $103,500 mark on ￰2￱ the weekend, the cryptocurrency’s price stabilized and reclaimed the $106,000-$108,000 area. Now, Bitcoin has recovered 6.2% from the recent lows and could potentially target higher levels in the short ￰3￱ Crypto Kaleo pointed out that BTC’s multi-year ascending trendline has held as support despite the recent retest and overall sentiment turning bearish, suggesting that investors should “be more bullish.” Similarly, Sjuul from AltCryptoGems highlighted that despite the current market sentiment, which shows the Fear and Greed index remains at fear levels, the flagship crypto is “still perfectly holding that flipped resistance level,” around $108,000, and is holding it as support.

“Not sure if this is the place to turn ￰4￱ is support, until it is not,” the analyst ￰5￱ Sherpa also shared a positive outlook, emphasizing that BTC’s chart doesn’t look “that bad when you zoom out,” as it remains in the same multi-month price range and could challenge the $114,000-$115,000 area. Nonetheless, the analyst cautioned that it may be “too early to really call any sort of bullish reversal,” forecasting that the cryptocurrency will likely see “a ton of chop over the next 6-8 weeks, and we range between 100k-115k and hopefully have a nice December.” $114,000-$116,000 Area Remains Key Rekt Capital stated that as long as the price holds the current levels, it could move to the $114,000 area for a key trend continuation across its range and potentially revisit the ￰6￱ achieve this, the analyst explained that Bitcoin must reclaim its 21-week Exponential Moving Average (EMA) as support, which was lost after Sunday’s close below the $110,000 ￰7￱ 21-week EMA has served as support during pullbacks since late ￰8￱ explained that the cycle has been one of downside deviations, with price weekly closing below key levels and positioning for a bearish retest before successfully reclaiming these levels as support and rallying ￰9￱ on this, “it’s not a given that price will reject from the 21-week EMA.” The analyst also shared an outlook for BTC’s range in the monthly timeframe, where it has been consolidating while upside wicking beyond the range high and downside wicking below the range low since ￰10￱ Reading: Dogecoin Price Moves: Can It Repeat The 36,000% Rally ‘Anomaly’ From Last Cycle?

“As part of this consolidation, there is a potential Lower High developing which isn’t yet solidified; the upcoming Monthly Close will inform more about whether that indeed will become a resistance,” he detailed Rekt Capital concluded that a monthly close above the Lower High would invalidate the potential setup, and a close above the range high resistance would position Bitcoin for a range breakout, “especially if a November post-breakout retest of $116k into new support takes place.” As of this writing, Bitcoin is trading at $110,850, a 2% increase in the daily ￰11￱ Image from Unsplash. com, Chart from ￰12￱