Key Support and Breakout Levels Suggest Strategic Re-Entry Zones
Bitcoin (BTC) is hovering near its all-time highs around $119,500, but many traders are asking the same question: Is it too late to enter the bull run? According to market strategist Markus Thielen of 10x Research, the answer might lie just below current prices — at a key former resistance zone.
“A pullback to $111,673 would offer a better risk-reward entry point,” Thielen wrote, citing the May breakout level now acting as strong support.
This level previously marked a major breakout in BTC’s structure and could act as a springboard for the next leg higher. In technical terms, such a support retest is a common pattern in bull markets before a stronger continuation.
Risk-Reward: Why $111K Matters to Smart Money
Traders often look for 1:2 risk-reward setups — risking $1 to gain at least $2. Entering at key support levels, like $111,673, allows for tight stop-losses with upside toward new highs, fitting the criteria for optimal entries.
“Markets often revisit breakout points before launching bigger moves,” noted Thielen.
If BTC does retest the $111K area, it could trigger fresh demand from sidelined institutional investors and high-conviction bulls.
Breakout Above $120K Could Also Confirm Continuation
If no meaningful pullback materializes, traders may need to adapt. According to Thielen, the alternative entry would be a confirmed breakout above $120,000, which marks the descending trendline connecting the July 14 and July 23 highs.
“A sustained move above $120K would validate the uptrend, though it calls for tighter stop-losses,” Thielen added.
This move would likely attract momentum traders and algorithmic buyers, potentially pushing BTC into a fresh price discovery phase.
Bitcoin Outlook: Consolidation or Launchpad?
At present, Bitcoin remains range-bound but bullish, following Sunday’s rally triggered by Trump’s EU tariff rollback, which boosted market sentiment across risk assets.
BTC Price Summary:
- Current Price: ~$118,500
- Key Support: $111,673
- Resistance Breakout: $120,000
- Risk-Reward Sweet Spot: $111K zone
Whether it’s a pullback to support or a breakout above resistance, Bitcoin bulls have two well-defined setups to watch. As the market flirts with $120K, patience and precision may separate winners from latecomers.
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.