Bitcoin Attempts $111,000 Reclaim, But Last Leg Up Could Be Weeks Away – Analyst
Bitcoin (BTC) has seen a 4% bounce from the lows to retest a vital resistance degree, which may decide whether or not a breakout or a breakdown is subsequent. Meanwhile, an analyst prompt that BTC’s remaining leg up and cycle peak may come within the coming weeks.
Bitcoin Key Attempts Key Level Reclaim
Following its current drop, Bitcoin is now trying to interrupt out of its native vary high and reclaim the $111,000 zone as assist. As September began, the flagship crypto retested the $107,000 vary low earlier than bouncing 4% to the native higher boundary.
Analyst Ali Martinez noted that BTC has been buying and selling in a descending channel on the 4-hour chart for the previous two weeks. The cryptocurrency retested the sample’s higher boundary, round $110,700, breaking above this space on Tuesday morning.
To the market watcher, Bitcoin wants to shut above $110,700 for a significant rebound, as a confirmed breakout above this degree may set the stage for a retest of $113,500.
On the opposite, failing to reclaim this resistance will possible reinforce bearish momentum and deepen the correction, the analyst warned, including that “the SuperTrend indicator additionally aligns with this zone, sustaining a bearish posture at $110,700.”
Meanwhile, Sjuul from AltCryptoGems suggested that Bitcoin is trying to duplicate the identical playbook of the current vital pumps. According to the chart, the flagship crypto has entered a corrective interval following a brand new all-time high (ATH), displaying a falling wedge sample earlier than breaking out once more.
Based on this, the $108,000 degree is a key space for the bulls because it serves as a vital bounce level. Holding this degree would “affirm BTC’s energy on the upper timeframe, showcasing a formidable worth motion with resistance flipping and retesting.”
To Sjuul, Bitcoin is at a “essential juncture to maintain taking part in the identical tune,” and failing to keep up it will improve the dangers of an even bigger correction to the $98,000 degree, the place the Weekly EMA50 sits.
BTC To Peak In Coming Weeks?
Rekt Capital gave a better timeframe perspective for the flagship crypto, highlighting that BTC has proven blended alerts after failing to shut the week above the $109,000 degree. This degree beforehand served as the ultimate weekly resistance earlier than new ATHs, which suggests it may very well be the primary technical sign of a bearish affirmation.
Nonetheless, he asserted that whereas the weekly timeframe is “displaying early indicators of weak spot, the Monthly chart tells a distinct story.” Notably, Bitcoin has held its Macro Range of $107,200-$116,000.
Additionally, month-to-month candles have produced lengthy draw back wicks throughout the cycle, with deep retests usually occurring earlier than pattern continuation. This means that the broader market construction stays intact regardless of weekly strain.
As this week progresses, the cryptocurrency may see heightened volatility, tapping the $104,000 on a wick. He said that “If the Weekly timeframe confirms rejection from $107k and progresses bearish affirmation, that may very well be the set off for such a Monthly wick.”
In this case, “then the aim for worth can be to then resynchronize with the Monthly Range earlier than the Monthly Close is in” to keep up the macro structure and set the stage for one final leg up.
The analyst additionally famous that the earlier bull market lasted about 152 weeks, whereas this one is already 145 weeks into it. This may sign that there are solely round seven weeks left if the present bull market had been to repeat its earlier efficiency.
“If Bitcoin goes to peak in its Bull Market in mid-September/mid-October 2025 as per historic Halving cycles… That’s both two weeks away or 1.5 months away,” the analyst concluded.