Bitcoin Holds Above $117,000, Bullish Momentum Intact

Bitcoin has been maintaining a steady position above $117,801, with a clear support level established at $117,103. This consolidation phase indicates a strong bullish structure, as any drop below $110,000 would invalidate the current upward trend. The market is not expected to retest the $112,000 range high in the near term, suggesting a continued upward trajectory.

The current daily chart structure supports the idea that a pullback below $110,000 is unlikely. While the 24-hour price change remains neutral, the overall market structure is clearly bullish. Key support at $117,103 keeps Bitcoin within a tight yet upward-moving range, indicating that the bulls are firmly in control.

Bitcoin's wave-based structure, as outlined in the chart, shows five impulse legs already formed. This suggests that the recent price movement is part of a larger bullish sequence. The price has cleared critical resistance zones, and there are no signs of exhaustion in the breakout. The “daily demand” zone around $102,000 remains untested, further reducing the likelihood of a deeper retracement.

The most bullish scenario, according to the visual projection, points to a sharp continuation from current levels. The structure suggests that the third wave could extend aggressively without revisiting lower support zones. Any move below the $112,000 range high is deemed unlikely if this count holds. The chart does not anticipate a retest of this zone before continuation.

The next key resistance level is seen at $118,158, slightly above the current price action. As long as the market remains above $117,103, the bullish projection remains valid. Further consolidation between $117,000 and $118,000 could signal an incoming breakout. Notably, no lower high or breakdown pattern has emerged within this time frame.

Market participants are now watching for continued range movement before the next breakout attempt. The illustrated wave 4 and 5 projections show some near-term sideways activity. However, the structure suggests the move will eventually resolve higher. Short-term volatility may appear, but so far, buyers have remained in control. With the support zone holding and no retest of previous highs expected, the market appears to be preparing for the next impulsive leg. As long as the price holds above $117,103, the bullish structure stays intact.

Bitcoin's momentum is driven by several factors, including the Relative Strength Index (RSI) readings above 75 and continued inflows into spot Bitcoin ETFs. This bullish sentiment has pushed Bitcoin beyond $118,000, with $127.6K emerging as a realistic target. However, Bitcoin is struggling to break above key resistance at $118,000–$118,600. If bulls reclaim $118,600 with volume, it could signal a stronger upward movement. The current price hovering above $117,000 indicates that bulls are firmly in control, with optimism spreading across the crypto market. This breakout comes after weeks of steady price action, suggesting a potential for further gains. The long-term holders remain steady, which is a positive sign for the market. The breakout is also supported by the analysis of short-term investor behavior, which indicates a silent yet tense trajectory that could mark the beginning of a new bullish momentum for the leading asset in the crypto market.