Bitcoin Market Overview: Strong Bullish Momentum with Key Resistance Breach

• Bitcoin (BTCUSDT) surged to a 24-hour high of $113,384, breaking recent resistance with strong volume.
• A bullish divergence in RSI suggests potential reversal after a pullback into support at $110,500–$110,600.
• Volatility expanded with Bollinger Bands widening, indicating increased uncertainty and potential breakouts.
• On-chain volume spiked above $1.1B in key 15-minute candles, confirming strong buying pressure in the final session.
• The 15-minute chart formed a bullish engulfing pattern near $110,500–$110,800, signaling a possible upward reversal.

BTCUSDT opened at $109,457.36 on 2025-09-04 at 16:00 ET and closed at $112,354 at 12:00 ET on 2025-09-05, reaching a high of $113,384.62. Total 24-hour volume was 9,429.6 BTC, with a notional turnover of approximately $1.03 billion. The price action revealed strong accumulation and a breakout above recent overhead resistance.

Structure & Formations

The 15-minute OHLCV data shows a clear bullish structure forming, particularly in the late-night hours, with a key breakout above the $112,300–$112,500 resistance cluster. A bullish engulfing pattern emerged around $110,500–$110,800, reinforcing the reversal signal. Key support levels identified include $110,500 and $110,300, with resistance now shifting to $113,000 and $113,500. The price closed the 24-hour session above the 50-period moving average on the 15-minute chart, indicating continued short-term momentum to the upside.

Moving Averages & Momentum

The 15-minute chart shows the price closing above the 20-period and 50-period moving averages, indicating a bullish bias. On the daily chart, the 50-period and 200-period moving averages are in a bullish alignment, with the price holding above the 100-period average. The MACD line crossed above the signal line early in the session, confirming a surge in momentum, while the RSI climbed into overbought territory, reaching 70 in late trading. This suggests that while momentum remains strong, a short-term pullback or consolidation could be imminent.

Bollinger Bands & Volatility

Bollinger Bands expanded significantly after the breakout, indicating increased volatility and positioning for a potential continuation move. The price closed the session near the upper band, suggesting continued strength. The expansion of the bands also reflects increased trading activity and expectations of higher volatility. If the price retests the lower band, it may find support at the 38.2% Fibonacci level of the recent swing from $110,500 to $113,300.

Volume & Turnover

Volume increased sharply in the final 15-minute candle of the session, particularly during the breakout above $112,300 and into the $113,000s. The total notional turnover exceeded $1.03 billion, with a significant portion concentrated in the last six hours of the 24-hour window. Volume confirmed the price action, particularly in the $112,500–$113,000 range, where buying pressure was evident. Divergence was not observed between price and volume, suggesting strong conviction in the current trend.

Fibonacci Retracements

The 15-minute chart shows a key Fibonacci retracement of the recent swing from $109,450 to $113,384.62 at the 38.2% level (~$111,300) and the 61.8% level (~$112,500). The price held above the 38.2% level and closed near the 50% retracement (~$111,400). On the daily chart, the 61.8% retracement of the recent correction from $113,384 to $110,500 is at $111,900–$112,000, which aligns with current support levels. A retest of this area may provide a favorable risk-reward entry or confirmation of trend continuation.

Backtest Hypothesis

Given the observed technical signals, a backtest hypothesis could be built around a breakout and reversal-based strategy. The bullish engulfing pattern at $110,500–$110,800 and the MACD crossover could serve as entry triggers, with stops placed below the 61.8% Fibonacci level at $111,300. Targets could be set at the next resistance levels at $113,000 and $113,500. This approach would seek to capture continuation moves after a confirmed breakout, with risk management focused on volatility-based stop-loss orders. The high volume and turnover in the final hours of the 24-hour window suggest a high probability of successful execution of such a strategy.