Bitcoin price retests support line after falling below $95,000: next target in sight

Join the live chat, come to the live room to discuss

Recently, Bitcoin's price has struggled to break through the previous high of $100,000, with overall market sentiment leaning bearish. Currently, Bitcoin is retesting the support line of the ascending channel after dropping below $95,000. A cryptocurrency analyst predicts that if Bitcoin can hold this key support level, it may rebound and surge to the next bullish target, aligning with the upper resistance line of the channel.

Bitcoin retests support line; new target in sight

In a chart displaying Bitcoin's price movements, cryptocurrency analyst Tardigrade (who previously posted analyses on X, formerly Twitter) noted that Bitcoin temporarily fell below the lower support line of the channel. Tardigrade referred to this drop as a "false breakout," emphasizing that despite the decline, the structure of the ascending channel remains intact. He pointed out that the red circle in the chart indicates that Bitcoin's drop does not signify a continuation of the downward trend, but rather a brief adjustment. In fact, Bitcoin quickly rebounded after breaking the support line and returned to the ascending channel.

Bullish potential behind the false breakout

Despite encountering significant bearish pressure in the short term and briefly dropping below $95,000, Tardigrade believes that this breakout point is merely a false breakout. As market volatility increases, Bitcoin is currently retesting the support line of the channel and may potentially break through this support line, triggering a price reversal upward.

Next price target: $110,000 to $112,000

Analyst Tardigrade predicts that if Bitcoin can successfully hold the current support line and continue to rise, it will aim to challenge the upper resistance line of the ascending channel. Based on the analysis of the price chart, this upper resistance line points to a range of $110,000 to $112,000. If Bitcoin successfully breaks this resistance line, it may indicate that the bullish trend within the ascending channel will continue. Furthermore, breaking this key resistance level could further validate the bullish momentum in the market, laying the foundation for Bitcoin's price to continue rising and potentially retest its historical highs.

Join the live chat, come to the live room to discuss