BTCUSDT: Bounce from Support Could Ignite Rally Toward $114KHello everyone, here is my breakdown of the current Bitcoin setup.
Market Analysis
Bitcoin (BTCUSDT) has recently transitioned from a bearish phase to a bullish structure after breaking out of a prolonged downward channel. The market had been forming a sequence of lower highs and lower lows until it found strong demand in the support zone around 110,000. From there, price began consolidating, indicating that sellers were losing control.A decisive breakout from the channel marked the end of bearish pressure, and since then, BTC has been moving inside a new upward channel, forming higher highs and higher lows — a clear sign of bullish momentum returning.
Currently, the price is approaching the resistance zone near 113,600–114,000, which previously acted as a key supply area. The ongoing structure suggests that buyers are attempting to push through this level and confirm a breakout continuation.
My Scenario & Strategy
In my view, BTC may attempt to retest the local support area near 111,000 before resuming its move higher. A successful bounce from this level would confirm that the new upward channel remains intact and provide a favorable long opportunity targeting the 114,000–115,000 zone.
If price breaks and holds above this resistance zone, it will likely open the door for a stronger bullish continuation toward 118,000 and beyond.
However, if BTC fails to maintain the channel support, a temporary correction back to the 110,000 area could occur before the next upward impulse.
That's the setup I'm tracking. Thank you for your attention, and always manage your risk.
