Bitcoin News Today: Bitcoin Rises 1.44% as Bulls Defend $97K Support Eye $125K Breakout

Bitcoin’s recent price action has drawn attention to its resilience near critical support levels and the potential for a significant upward move. After rebounding from a low of $115,260, the cryptocurrency has traded near $117,624 as of press time, reflecting a 1.44% gain over the past 24 hours [1]. The market’s focus remains on the $97,000 and $76,000 support zones, which have historically served as pivotal areas for stabilizing the asset’s long-term trend [1]. Analysts note that maintaining control above these levels reinforces the likelihood of continued bullish momentum.

A key technical development is the formation of a descending wedge pattern on Bitcoin’s 4-hour chart, highlighted by Analyst Captain Faibik. This pattern, reinforced by recent rebounds from the wedge’s lower boundary, suggests a potential continuation of the uptrend if the price breaks above the $118,800 resistance level [1]. A confirmed breakout could signal a path toward $125,000, aligning with broader macroeconomic bullish trends [1]. The current consolidation near $118,000 underscores the importance of this threshold, as traders await confirmation of whether buyers will sustain pressure on higher levels.

Market participants emphasize that Bitcoin’s ability to hold above $97,000 has been critical in preserving the uptrend’s integrity. The cryptocurrency has remained above this zone since a strong rally between April and July, with its current position near $118,000 indicating sustained buyer interest [1]. Crypto Tony, a prominent market observer, has expressed confidence in the trend by maintaining a long position, stating he is “waiting patiently” for further developments [1]. This sentiment reflects a broader view among bulls that the asset is in a phase of consolidation ahead of a potential new upward leg.

While the immediate focus remains on technical patterns and support/resistance dynamics, the broader market context reinforces the significance of these levels. Bitcoin’s recent consolidation near $118,000 has been viewed as a rejection of bearish momentum, with analysts noting that buyers continue to dominate key price points [1]. The $76,000 level, though further away, serves as a secondary safeguard should volatility disrupt the current trajectory. Traders are closely monitoring volume and price behavior near $118,800 to gauge whether the wedge breakout holds, which would validate the continuation of the bullish cycle.

Source: [1] [Bulls Defend $97K Support as Bitcoin Eyes $125K Breakout] [https://coinmarketcap.com/community/articles/6884aa9fcc8ce42f9a1bae2f/]