Bitcoin Stages Epic Comeback: Bullish Base Emerges Following $115K Plunge
Bitcoin's phoenix act is underway—forming a bullish base after its brutal $115,000 nosedive. Traders are eyeing this consolidation as the springboard for the next leg up.
The crypto king isn't dead yet. Despite getting mauled by bears, BTC's chart structure now hints at accumulation. Smart money's moving while retail panics—classic.
Will this recovery stick? The market's pricing in two possibilities: another institutional FOMO wave...or more pain for the 'diamond hands' crowd. Place your bets—Wall Street certainly is (with your money, naturally).
Sharp Pullback Follows Rejection At $115,000 Resistance Zone
Providing an update on the current state of the crypto market, Kurnia Bijaksana pointed out that Bitcoin, along with several altcoins, experienced a sharp decline last night. The sudden move caught the attention of traders and analysts alike, prompting a closer look at both the technical and fundamental factors driving the action.
From a purely technical perspective, the decline appears to have been triggered by Bitcoin hitting a key resistance zone near the $115,000 level. Despite the pullback, Kurnia observed that Bitcoin’s price is now showing early signs of recovery. This area has acted as a ceiling for prices in recent sessions, and the rejection sparked selling pressure across the broader crypto market.
However, on the intraday chart, a rebound is already underway, suggesting that buyers are stepping in to defend key levels and potentially absorb the recent selling. Whether this bounce can turn into a sustained move higher remains to be seen, but for now, the charts suggest that bitcoin may be stabilizing after the initial drop.
1-Hour Chart Reveals Early Signs Of A Trend Reversal
Kurnia Bijaksana provided further analysis, focusing on Bitcoin’s price action within the 1-hour timeframe. According to the analyst, BTC is currently forming a higher low—a classic indicator that signals growing bullish momentum and the potential for an upward continuation in the NEAR term.
Bijaksana also highlighted the potential development of an inverse head and shoulders pattern, which is typically seen as a strong bullish reversal signal. In this case, the neckline of the pattern is located around the $115,300 level, a key resistance zone that Bitcoin must break through to confirm further upside.
If Bitcoin manages to break and hold above this neckline, Bijaksana believes it could trigger a measured move toward the $118,000 level. A confirmation of this breakout WOULD provide a clear bullish signal, possibly paving the way for continued strength in the coming sessions.
Bitcoin is currently priced around $114,315, boasting a market capitalization exceeding $2.2 trillion. Over the past 24 hours, it has recorded a trading volume of more than $58.8 billion, reflecting strong market activity.
