BTC BOUNCES

Bitcoin's daily chart shows promising signs of recovery after yesterday's solid reversal candle. The bounce off the 50-day moving average, which aligns closely with the critical support level of $99,860, reinforces the strength of this area as a key line of defense for the bulls. Yesterday’s candle closed higher, leaving a strong wick below, signaling that buyers stepped in aggressively during the dip.

Today, Bitcoin is trading around $102,859, moving higher in an attempt to confirm yesterday’s reversal. A bullish daily close today would provide confirmation of the reversal pattern and set the stage for a potential retest of the next resistance level at $106,099. Breaking and closing above this resistance would solidify the bullish momentum and open the path toward the recent all-time high of $109,358.

Conversely, if Bitcoin fails to maintain its current upward trajectory and closes below $99,860, it would invalidate the bullish structure and could lead to a deeper retracement toward the $90,000 area.

Traders will want to see continued volume and follow-through today to confirm bullish sentiment. Eyes remain on $106,099 as the immediate target for bulls, while $99,860 remains the critical support to hold for the current bullish structure to remain intact.