Bitcoin News Today: Bitcoin surges 1% on U.S.-EU trade pact 10x Research flags $111673 support and $120000 breakout

Markus Thielen, founder of 10x Research, has outlined a strategic framework for Bitcoin investors seeking to capitalize on the current market dynamics. Amid Bitcoin’s consolidation around $119,500, Thielen emphasizes the $111,673 level as a critical entry point for bullish positions, citing its transformation from a previous resistance to a potential support level. This level, according to Thielen, offers an attractive risk-reward ratio for investors, particularly if Bitcoin retraces to test it again [1]. The analyst’s rationale hinges on technical indicators, suggesting that a retest of $111,673 could provide a favorable risk-reward profile, with the potential for gains outweighing possible losses [1]. Thielen’s analysis underscores the importance of monitoring this level, as a sustained breakout above $120,000 could signal a resumption of the upward trend. This threshold marks the breakdown of a descending trendline connecting key peaks on July 14 and July 23 [1]. While Thielen acknowledges the possibility of a failed pullback, he stresses that a breach above $120,000 would warrant cautious repositioning, though he cautions that tight stop-loss orders would be necessary in such scenarios [1]. The current market context includes a 1% surge in Bitcoin’s price over the preceding weekend, driven by the announcement of the U.S.-EU trade agreement, the largest in history [1]. Thielen’s insights align with broader technical analysis strategies, highlighting the interplay between historical price levels and emerging trendlines. His approach reflects a disciplined focus on risk management, advising investors to prioritize positions near well-defined support and resistance levels. The ongoing debate over entry timing—whether to act immediately or wait for a retracement—remains central to Bitcoin’s investor strategy, with Thielen’s analysis providing a structured methodology for evaluating opportunities. As the market navigates near-term volatility, the $111,673 support and $120,000 breakout level are positioned as pivotal markers for gauging the asset’s trajectory.

Source: [1] [title10x Research Founder Markus Thielen Reveals the Optimal Entry Level for Bitcoin Bulls! Here Are the Details] [urlhttps://coinmarketcap.com/community/articles/68879196fb9c33404002601d/]