Last week, Bitcoin made a new all-time high and gave bulls some serious profits. Price action has been looking solid and strong ever since it broke above the psychological and technical level of $110,000. But now, we’re starting to see signs that the market might need a healthy retracement.
On the daily chart, there’s a clear long wick at the top, which is a sign that buyers may be losing momentum up here. There’s also a Fair Value Gap (FVG) between roughly $115,200 and $112,200. In most cases, price tends to revisit these imbalances, so I wouldn’t be surprised if we dip back into that zone. I’m watching the midpoint around $113,700 because that could be a key level for a bounce if the bulls want to keep control.
If that zone fails to hold or we see a clean breakdown without much of a reaction, there’s a chance we revisit the $110,000 breakout level. From a Fibonacci standpoint, the 0.382 retracement of the recent move from around $98K to $120K also lands near $111.6K, which adds some confluence to that area.
Overall, I still think the trend is strong, but after this daily candle, I think that a 5–7% pullback wouldn’t be unusual or unhealthy. What are your thoughts? Are we just cooling off before another breakout, or is a deeper retracement on the table? Comments and suggestions?
On the daily chart, there’s a clear long wick at the top, which is a sign that buyers may be losing momentum up here. There’s also a Fair Value Gap (FVG) between roughly $115,200 and $112,200. In most cases, price tends to revisit these imbalances, so I wouldn’t be surprised if we dip back into that zone. I’m watching the midpoint around $113,700 because that could be a key level for a bounce if the bulls want to keep control.
If that zone fails to hold or we see a clean breakdown without much of a reaction, there’s a chance we revisit the $110,000 breakout level. From a Fibonacci standpoint, the 0.382 retracement of the recent move from around $98K to $120K also lands near $111.6K, which adds some confluence to that area.
Overall, I still think the trend is strong, but after this daily candle, I think that a 5–7% pullback wouldn’t be unusual or unhealthy. What are your thoughts? Are we just cooling off before another breakout, or is a deeper retracement on the table? Comments and suggestions?
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