A Critical Rebound for Bitcoin
The price has returned to the $114,000–$115,000 band where recent buyers stepped in, a zone analysts say must hold to keep the bullish story alive. The bounce is more than lines on a chart: traders see acceleration toward $150,000 once $117,000–$118,000 is cleared, especially with a daily close above $117,500. Charles Edwards says a run to $150,000 may arrive “within days” after such a breakout, while PlanB keeps a floor above $100,000 in his models.
The same setup carries danger. A prior flush erased about $380 billion in positions and slammed price to $110,843, a reminder that sharp drops still happen in an uptrend. The halving reduces miner rewards, slows new supply and reinforces scarcity, a backdrop that can amplify moves both ways.
The Bullish Case: Fuel for the Rally
The optimism isn’t unfounded. This rebound has pushed Bitcoin back above its short-term holder cost basis, a key metric that often acts as a springboard during bull market corrections. This technical reclaim signals recovering demand and suggests that recent lows were seen as a buying opportunity.
Furthermore, the macro uptrend is still considered healthy by many analysts. As long as Bitcoin holds support above key moving averages, the path of least resistance is seen as upward. This technical strength, combined with ongoing institutional adoption, provides a solid foundation for the bullish outlook.
Navigating the Road Ahead
While the trajectory is promising, the path forward is defined by specific technical levels. The immediate hurdle for Bitcoin lies between $117,000 and $118,000. A decisive daily close above this resistance zone, particularly above $117,500, could be the catalyst that opens the door to much higher targets, with $150,000 being the primary focus for many traders.
However, this setup also carries inherent risks. The market was recently reminded of its fragility with a flash crash that erased hundreds of billions in value. Should Bitcoin fail to overcome the nearby resistance, the key support band between $114,000 and $115,000 must be defended. A break below could see a test of deeper supports near $113,500 or even $112,500.
In essence, the market is at an inflection point. Holding above support justifies larger allocations, while a clear breakout above resistance could trigger the next leg up. All eyes are now on these key levels to see if the bullish talk of $150,000 can turn into reality.
