Bitcoin (BTCUSD) is hovering around $108,200, stabilizing after a sharp retreat from the $123,000–$125,000 resistance zone earlier this month. The move broke below a key ascending trendline on the daily chart, signaling a potential short-term shift in momentum.
Price is now testing the $108,000–$105,700 area, a strong support region where buyers previously defended in August. The pair sits below the 50-day SMA, hinting at cooling momentum, though the 200-day SMA remains intact, showing that the broader bullish structure is still alive.
A recovery above $114,000 would be the first sign of renewed strength, potentially opening a move toward $119,000–$123,000. On the flip side, a clean break below $105,000 could invite deeper selling pressure, possibly extending toward $101,000 before the next accumulation phase.
On the weekly chart, Bitcoin remains inside a rising channel that has guided price action since mid-2023. The long-term uptrend remains unbroken, with higher highs and higher lows still defining structure. However, momentum has slowed, suggesting a possible consolidation phase before the next leg up.
My Takeaway:
Bitcoin’s correction looks like a breather within an ongoing bull trend. As long as $105,000 holds, the structure stays constructive. Short-term traders should watch $114,000 for bullish confirmation, while long-term investors likely see this as a healthy dip within a larger uptrend.