Bitcoin Stares At Its Next Peak From The Bottom, But One Level Blocks The View
Bitcoin shows signs of forming a bottom near ascending channel support and low NUPL, but faces strong resistance near $110,000.Summary
Bitcoin recently corrected but is showing signals suggesting a potential bottom is forming, supported by its bounce off the lower trendline of an ascending channel established since April, and the Normalized Unrealized Profit/Loss (NUPL) metric dropping to a zone historically marking cycle bottoms.
However, this potential recovery is currently blocked by a significant resistance level identified by the cost-basis heatmap, specifically between $109,895 and $110,192, where a large supply of BTC is held. This zone also aligns with the 0.618 Fibonacci retracement level at $109,683, which acts as a crucial technical barrier.
Clearing the $109,683 level is necessary for the bottom setup to confirm a full recovery, with stronger confirmation above $112,652, potentially leading toward the previous peak near $126,301. Failure to break this resistance and a subsequent drop below the channel's lower trendline would invalidate the current bottom hypothesis.
(Source：BeInCrypto)