Hello everyone,
Bitcoin is currently trading around 109,600 USD after a technical rebound from the 107,800 USD bottom. On the 4-hour chart, price filled the Fair Value Gap (FVG) between 108,000 – 110,000 USD and then quickly retreated — a classic sign of a medium-term correction rather than a sustained reversal.
This recent upswing mainly served as a “gap fill,” not a true reversal. The 111,500 – 113,000 USD zone remains a strong resistance, while macro headwinds persist: DXY holds near 106 points, and US Treasury yields are elevated, reviving risk-off sentiment. Investors await the upcoming NFP and PMI releases, which could influence Fed rate expectations.
On-chain data show increased BTC inflows to exchanges from large wallets, hinting at potential short-term profit taking. Technically, the FVG 108,000 – 109,000 USD acts as key support. If price holds here, Bitcoin might retest 111,000 – 113,000 USD. If it breaks below 108,000 USD, the next targets may lie between 105,000 – 104,000 USD. A 4H close above 111,800 USD would confirm a recovery bias, shifting targets to 115,000 – 118,000 USD.
Volume remains subdued, reflecting buyer caution. I lean toward a short-term rebound scenario, but will wait for reversal candles with rising volume around 108,000 – 109,000 USD before entering long. My target: 112,800 – 114,500 USD, with a stop-loss below 107,500 USD.
Bitcoin is currently trading around 109,600 USD after a technical rebound from the 107,800 USD bottom. On the 4-hour chart, price filled the Fair Value Gap (FVG) between 108,000 – 110,000 USD and then quickly retreated — a classic sign of a medium-term correction rather than a sustained reversal.
This recent upswing mainly served as a “gap fill,” not a true reversal. The 111,500 – 113,000 USD zone remains a strong resistance, while macro headwinds persist: DXY holds near 106 points, and US Treasury yields are elevated, reviving risk-off sentiment. Investors await the upcoming NFP and PMI releases, which could influence Fed rate expectations.
On-chain data show increased BTC inflows to exchanges from large wallets, hinting at potential short-term profit taking. Technically, the FVG 108,000 – 109,000 USD acts as key support. If price holds here, Bitcoin might retest 111,000 – 113,000 USD. If it breaks below 108,000 USD, the next targets may lie between 105,000 – 104,000 USD. A 4H close above 111,800 USD would confirm a recovery bias, shifting targets to 115,000 – 118,000 USD.
Volume remains subdued, reflecting buyer caution. I lean toward a short-term rebound scenario, but will wait for reversal candles with rising volume around 108,000 – 109,000 USD before entering long. My target: 112,800 – 114,500 USD, with a stop-loss below 107,500 USD.
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Trade Gold, Forex, Bitcoin – the market moves fast, grab your edge today!
👉🏻Join here: t.me/+jBAj1Jdf4vY1NzM1
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.