Bulls strike back, BTC holds steady in the $112,000 range!
Bitcoin is trading around $112,256 today, bringing its market capitalization to $2.23 trillion. Trading volume over the past 24 hours reached $44.38 billion, with the intraday price fluctuating between $109,257 and $112,327—small fluctuations, but enough to get traders' pulses racing.
Looking at the daily chart, Bitcoin appeared to have staged a textbook slump in early September, sliding to the $107,000 region. But then—dramatic music—it double-bottomed like a seasoned professional and rallied with conviction. The green candlesticks, coupled with volume, indicate a renewed surge in bullish sentiment.
The potential long entry point between $110,000 and $111,000 now appears fully validated, with resistance between $117,000 and $118,000 looming. The breakout from consolidation is supported by strong volume, and this rally has a good chance of success—assuming buyers don't exit mid-stream.
After a sharp drop that pushed Bitcoin to $108,652, the asset quickly rebounded, retaking $112,000. We're witnessing a classic V-shaped rebound, with increasingly higher lows. The $109,000 to $110,500 entry zone is ideal, with resistance ahead at $113,500 to $114,000. If the price gets hammered there, some consolidation is expected—but as long as it holds above $108,500, the bulls remain firmly in control.
As long as Bitcoin holds above $112,000, the next logical short-term profit-taking zone lies in the $112,500 to $113,000 window. However, be mindful of bearish divergences in the relative strength index (RSI), as latecomers could be getting scammed.
Now, let's talk about indicators. Oscillators displayed a diplomatic demeanor today—generally neutral. The Relative Strength Index (RSI) was at 48, while the Stochastics oscillator was at 30 and the Commodity Channel Index (CCI) was at −58—all neutral readings. Even the Average Directional Index (ADX), typically a proxy for trend strength, finished at a languid 17. The Awesome Oscillator (AO) dipped to −1986 (also neutral), but Momentum flashed a mildly bullish signal at −3390. The Moving Average Convergence Divergence (MACD) was less supportive of the rebound, flashing a bearish signal at −658. Thus, while the oscillators were acting conservatively, Momentum whispered, "Buy the dip," while the MACD whispered, "Not yet, my friend."
Moving averages (MAs) are the Thanksgiving dinner of the financial world: some support, some don't. The 10-period Exponential Moving Average (EMA) and Simple Moving Average (SMA) waved bullish flags at $112,153 and $112,209, respectively. But the 20-, 30-, and 50-period moving averages—both EMAs and SMAs—are flashing red. If you're counting, that's four consecutive bearish signals. The 100-period EMA at $111,792 offers some hope, and the longer-term 200-period MAs are clearly bullish: the EMA at $106,343 and the SMA at $104,609. Need I make this clear?
The long-term trend remains bullish, but the short- to medium-term picture is quite divided.
In summary, Bitcoin has regained support across multiple timeframes, accompanied by strong volume and a bullish technical pattern. Traders seeking an entry should closely monitor a pullback to the $110,000 to $111,000 area. If $108,500 holds, the current breakout rally has room to continue. But don't ignore the mixed signals from key oscillators and moving averages—the road ahead won't be smooth.
The bulls are back in control and showing no signs of letting up. With a confirmed breakout across all timeframes, strong support at $108,500, and a high-volume rebound from recent lows, the situation favors the bulls. Momentum is quietly building behind the scenes, and the 200-period moving average is perfectly aligned with the long-term trend. As long as Bitcoin doesn't break below $110,000 on low volume, there's a chance the market will head straight for the $117,000 to $118,000 region.
But caution, my friends. While the recent rebound looks convincing, several key moving averages remain bullish, and the sell signal from the MACD should not be taken lightly. Oscillators are neutral at best—not exactly encouraging. If Bitcoin fails to break through $113,500 and flips on declining volume, we could be seeing a bull trap forming. A break below $108,500 would invalidate the entire short-term rally and reopen the door to sub-$107,000 lows!
