BTC Technicals Point to Strong Bullish Setup at $112K SupportLooking at this weekly CRYPTOCAP:BTC chart, you can see Bitcoin has been consistently holding above the 50 EMA, acting as solid support each time it retraces back to it. The key point to note here is how the price has tested this zone multiple times, forming a strong area of confluence. Each time, Bitcoin has successfully bounced, showing a solid structure to keep the uptrend intact.
At this moment, Bitcoin is facing resistance around $126,000, but the market looks strong, especially with the EMA holding as support. If the price breaks this resistance, we could be in for another leg up towards higher targets. The price action here indicates that bulls are in control, and the current setup suggests there's a good chance we might see more upside soon, especially if the zone around $112,000 holds as support.
Keep an eye on the key levels: if BTC holds above the 50 EMA and the confluence zone, the next push could be significant.
DYOR, NFA
#PEACE
