Bitcoin Resumes Bullish Run

Bitcoin has demonstrated remarkable strength since its major bullish reversal in April. Throughout this uptrend, the market has alternated between impulsive surges and corrective phases. The longest correction phase, which developed into a ranging pattern, persisted between late May and early July. Subsequently, the impulsive phase that followed this consolidation propelled Bitcoin to its current all-time high of $122,231.0.

Recently, the price retraced and successfully tested the $112,000 level for support. Notably, this level previously acted as resistance, triggering the last corrective phase. However, in a classic role reversal, it has now transitioned into a strong support zone. With this foundation, Bitcoin is once again accelerating toward its current peak, signaling strong bullish momentum.

 Bitcoin Key Levels

Demand Levels: $112,000.0, $97,948.0, $73,835.0
Supply Levels: $122,231.0, $125,000.0, $130,000.0

What are the indicators saying?

The recent retest of the $112,000 support level coincided with the Stochastic oscillator indicating an oversold condition, which facilitated a swift bullish rebound. Additionally, the Parabolic SAR (Stop and Reverse) indicator continues to trail the price from below, reinforcing the strength of the upward trajectory. Given these technical signals, Bitcoin is now on the verge of establishing a new all-time high, further solidifying its bullish dominance in the market.

 

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