Bitcoin shows signs of life after a sharp drop from the $115,000 level. Once volatility settles, potential recovery is beginning to take shape, driven by key technical signals in lower time frames. With market stabilization, the next move could define short-term trends.
A sharp pullback follows a rejection in the $115,000 resistance zone
Kurnia Bijaksana provided an update on the current state of the crypto market, noting that Bitcoin and some Altcoins had dropped sharply last night. The sudden movement has attracted attention from both traders and analysts and has looked closely at both the technical and fundamental factors that drive behavior.
From a purely technical standpoint, the decline appears to have been caused by Bitcoin, which hits the key resistance zone near the $115,000 level. Despite the pullback, Kurnia observed that Bitcoin prices showed early signs of recovery. The region has served as a price cap in recent sessions, and denials have sparked sales pressure across the broader crypto market.
However, intraday charts suggest that rebounds are already underway, with buyers intervening to protect key levels and potentially absorb recent sales. Whether this bounce can be turned into a sustained movement remains at a higher movement, but for now the chart suggests that Bitcoin may be stable after the initial drop.
The 1-hour chart reveals early signs of a trend reversal
Kurnia Bijaksana provided further analysis, focusing on Bitcoin price action within an hour period. Analysts say BTC is currently forming a higher, lower, lower. This is a classic indicator of growing bullish momentum and the likelihood of a short-term upward continuation.
Bijaksana also highlighted the potential development of reversed head and shoulder patterns. This is usually considered a strong bull inverted signal. In this case, the pattern’s neckline is located at the $115,300 level. This is an important zone of resistance that Bitcoin has to break through to confirm further.
If Bitcoin could break and hold it above this neckline, Bijaksana believes it could cause a measured movement towards the $118,000 level. This breakout confirmation will provide a clear bull signal and could pave the way for continuous strength in future sessions.
Bitcoin costs around $114,315, with a market capitalization of over $2.2 trillion. Over the past 24 hours, it has recorded trading volumes of over $58.8 billion, reflecting strong market activity.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
