Bitcoin is currently facing a significant support line test, especially after the price fell below $95,000 and is retesting the lower support line of the ascending channel.

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Analyst Tardigrade points out that this drop is seen as a 'false breakout' and has not truly confirmed a downward trend in the market. Bitcoin has successfully rebounded and returned to the ascending channel, indicating that there is still a possibility for a reversal in market sentiment.

If Bitcoin can hold this support line, analysts expect it to continue rising, with a target price range between $110,000 and $112,000, which also aligns with the upper resistance line of the ascending channel. Although the current market is bearish, this pullback could provide Bitcoin an opportunity for a renewed upward breakout.

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