Bitcoin Eyes $118K as Fresh Channel Structure Forms

Bitcoin’s short-term price action shows signs of stabilization after a recent correction. The hourly chart now highlights a fresh channel structure where support and resistance appear well-defined. This new formation could provide a rotational environment for price action before an expansion into higher levels.

Key Technical Points
- Fresh Channel: Support and resistance forming on the hourly timeframe.
- Point of Control: Price attempting to reclaim local POC.
- Upside Target: $118,000 remains the key bullish objective.

The pullback from the highs was not random — it originated at a high-volume resistance level where the point of control was briefly front-run. This rejection triggered a short-term correction before price rebounded at channel support.

Bitcoin is now attempting to reclaim the local point of control. A successful reclaim would validate the channel structure and increase the probability of expansion toward $118,000. Structurally, this suggests that the current correction is merely a rotation within the channel rather than a breakdown of the trend.

What to Expect

As long as the channel remains intact, Bitcoin is poised for rotation higher. A close above the POC could accelerate momentum, pushing BTC toward $118,000.