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Bitcoin recently experienced a pullback into a key support zone near $106,133, but the overall price action remains bullish. The market structure suggests a continuation toward $125,400 if the support level holds. This presents an interesting scenario for traders and investors who are closely monitoring Bitcoin’s price movements.

Key Technical Points to Watch

  • Support: $106,133 high-timeframe support level holding price action.
  • Market Structure: Bitcoin is trading within a rising high-timeframe price channel.
  • Target: $125,400 remains the next logical resistance level within the channel.

Analyzing the Recent Pullback

Bitcoin’s recent decline from local highs triggered intraday selling pressure, but the correction landed precisely at the high-timeframe support level near $106,133. Historically, this region has acted as a critical inflection point, often signaling either consolidation or a reversal to continue the upward trend. The price reaction at this level will play a pivotal role in determining whether Bitcoin can sustain its bullish posture.

Market Structure Remains Intact

From a structural perspective, Bitcoin remains within a well-defined upward channel. Previous movements within this channel have consistently respected both the upper and lower boundaries, with price bouncing cleanly between these levels. The recent pullback aligns with the channel’s lower boundary, suggesting a potential rotational move back toward the upper boundary near $125,400.

Supporting this bullish outlook is the fact that no major breakdown in market structure has occurred. The most recent swing low remains intact, and Bitcoin continues to print higher lows on higher timeframes. This indicates that the broader trend remains upward, provided support at $106,133 is maintained.

Key Levels to Monitor

In the short term, traders should keep a close eye on the price action between $106,133 and $110,000. Holding above the $106,133 level will likely invite more buying pressure, potentially leading to the breakout needed for the next leg up. However, a confirmed loss of the $106,133 support level would shift momentum in favor of sellers and invalidate the current bullish structure.

Potential Price Action Ahead

As long as Bitcoin holds firmly above the $106,133 support level, the price is expected to trend higher toward the $125,400 resistance level. While short-term volatility is always a possibility, the broader market structure remains bullish for now. Traders and investors should remain vigilant and monitor key levels to adapt their strategies accordingly.

This article is for educational purposes only and does not represent financial or investment advice. Always conduct your own research before making any investment decisions.

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