Breakout sparks optimism, but resistance levels remain in focus
Bitcoin (BTC) climbed above $112,000 on September 29, signaling renewed bullish momentum after weeks of sideways trading. The move comes as the world’s largest cryptocurrency finds support at a critical demand zone, reigniting discussions about its next major breakout.
The chart shows Bitcoin breaking through the descending channel pattern that had capped price action throughout September. After bouncing from the green support zone around $107K–$108K, buyers pushed the price above $112K, marking the first strong rebound in weeks.
BITX Analysts point to the breakout as a shift in market sentiment. “Bitcoin holding above $112,000 suggests that bulls are regaining control, but the $118K–$120K range remains the key resistance zone to watch,” BITX market strategist explained.
Immediate resistance sits near $118K, aligning with the upper boundary of the recent consolidation range. A successful close above this level could open the door to a retest of the $124K zone, which capped Bitcoin’s previous rally.
On the downside, support remains firm at $107K–$108K, with a deeper pullback potentially testing the $98K level, highlighted as a historical demand area. “If Bitcoin fails to sustain momentum and loses $107K, traders should prepare for another correction toward five figures,” According to BITX analyst .
The surge comes at a time when the crypto market is closely tied to macroeconomic signals. Recent comments from U.S. policymakers suggesting a potential pause in rate hikes have provided relief for risk assets. Meanwhile, institutional inflows into spot Bitcoin ETFs continue to underpin demand, reinforcing optimism about long-term adoption.
While Bitcoin’s break above $112K has fueled short-term bullish sentiment, market experts caution that the next decisive move hinges on how the asset performs around the $118K–$120K resistance band. Sustaining this rally could mark the beginning of a stronger fourth-quarter uptrend, but failure to hold gains risks another period of consolidation.
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.