Usman Salis
Bitcoin (BTC) is defending crucial support at $111,800 after pulling back from its recent high of $123,230. The crypto looks ready for another push higher if this level holds.
Bitcoin (BTC) Price Finds Strong Support at $111,800
Here's what's happening with Bitcoin right now. After that insane run to $123,230, BTC pulled back and is now sitting right above $111,800. This level used to be resistance but has flipped to support - that's actually pretty bullish.
This isn't just any random level either. We've got multiple technical indicators stacked up here: point of control, VWAP, and the 0.618 Fibonacci retracement. When this many signals line up, it usually means something important.
The best part? Bitcoin is showing real strength at this level with clean bounces and increasing volume. That tells us buyers are stepping in exactly where they should be.
BTC Price Structure Still Looking Bullish
From the bigger picture, Bitcoin's uptrend is still intact. The correction was healthy and normal after hitting new highs. What matters is that BTC tested this support and held without breaking the bullish structure.
The volume pickup as Bitcoin defends $111,800 is encouraging. If this continues, it validates the support and increases odds of breaking back toward those highs.
What's Next for Bitcoin (BTC) Price?
If $111,800 holds, the target is that recent all-time high at $123,230. Break above that, and we could see price discovery mode with next resistance around $130,000-$135,000.
If support fails, then $98,200 becomes the key level to watch. But with the clean bounce and volume pickup, Bitcoin looks more likely to push higher.
Bottom line: As long as BTC holds above $111,800, bulls are in control. The setup looks solid and we could see another run at new all-time highs soon.
Usman Salis
