Does Bitcoin (BTC) Bullish Trend Still Last?
Jakarta, Pintu News – After hitting a new record high, Bitcoin has experienced a decline that has sparked a debate on whether the bullish trend is still continuing or a deeper correction is on the cards. Currently, Bitcoin (BTC) is trading above the lower boundary of the channel and the 200-day moving average, which may be the basis for the next leg up towards $116,000.
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Current Market Conditions
Bitcoin (BTC) recently hit a new peak high around $111,900 before entering a corrective phase, pulling the price back to long-term support at $104,300. This area marks the lower limit of the bullish channel that has contained price action for several months.
Rejection from the top of the canal often leads to a retest of the lower boundary of the canal, which is exactly what is happening right now. Price is currently slightly above the 200-day moving average, a level that is often watched by institutional traders and is a historically reliable marker of macro support.
From a market context perspective, rejection from the top of the channel and subsequent retracement towards the lower boundary of the channel is technically expected. Prices within a well-defined channel often swing between its boundaries before breaking out in the dominant direction.
The rejection at $111.900 is in line with the channel resistance, while the current delay at $104.300 has produced a strong bullish candle, signaling that buyers are defending this level.
Read also: Bitfinex Analysis: “Bitcoin (BTC) Remains Strong Despite Sharp Drop!”
Market Structure and Volume
Structurally, Bitcoin (BTC) is trading back within its bullish channel, hinting that the previous breakout may have been a premature expansion or overextension. The current retest could be seen as a healthy reset before resuming.
The 200-day moving average which is now just below the price is of great importance. Historically, this level has acted as long-term support during major bullish trends.
Closing and consolidating above it usually signals that the broader uptrend still prevails. As long as Bitcoin (BTC) maintains this level, it shows long-term strength.
Read also: Big Deal! Tether and Bitfinex Transfer $2.7 Billion Worth of Bitcoin to Twenty One Capital
Upcoming Price Action Expectations
As long as Bitcoin (BTC) holds above $104,300 and remains above the 200-day moving average, the bullish market structure remains intact. A canal retake followed by a trendline resistance break will confirm the next bullish phase.
Expect a rotation towards $111,900, followed by a measured extension towards $116,000. If this happens, Bitcoin (BTC) will validate the Power of Three structure and confirm that the recent decline was an aberration, triggering a failed auction rally towards new record highs.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference
- Crypto News. Is the Crypto Bull Run Still Alive? A Bitcoin Price Technical Analysis Deep Dive. Accessed on June 4, 2025
- Featured Image: Generated by Ai
