Bitcoin Rallies After Rebounding from $110K Support
Bitcoin has staged a strong rally, climbing to $11600, after bouncing off the green support zone near $110,000. The latest surge highlights renewed buying pressure, with BTC posting an 8% gain in recent sessions as traders eye higher levels.
The chart shows that Bitcoin had been moving inside a descending channel through August and September, repeatedly testing lower levels. However, buyers defended the crucial support range around $109K–$110K, leading to a decisive breakout. “The ability to hold above $110K was a turning point. It reflects strong accumulation at lower ranges,” According to BITX market analysts.
BTC now faces a critical challenge: the red resistance zone near $117K–$118K, which has historically capped upside attempts. Technical observers note that a clean breakout above this region could pave the way toward the $122K–$124K supply zone, where sellers previously regained control. “Breaking $118K convincingly could trigger momentum-driven buying and set the stage for a move back toward yearly highs,” a BITX crypto strategist added.
Volume activity has also supported the breakout move, showing steady inflows as prices rebounded from the green demand area. This suggests that institutional players and larger traders may have been active buyers during the dip.
If Bitcoin fails to clear $118K, a short-term pullback could retest the $112K–$110K support zone. Holding this level will be critical for maintaining bullish momentum and avoiding a deeper correction.
For now, sentiment remains cautiously optimistic. The successful rebound and rally above the descending channel underline renewed market strength, while the approach toward $116K signals that Bitcoin may be preparing for another attempt at a larger breakout.
With price action heating up, all eyes are on the $118K barrier, as traders weigh whether the current rally has enough fuel to push Bitcoin into a new bullish phase.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.