Bitcoin Retests $103,000 Golden Line as Bulls Aim for New High

Bitcoin is currently retesting the $103,000 golden line, a critical level that traders are closely monitoring. A daily close above this level would confirm the strength of the bullish trend and support its continuation. This level has historically acted as a strong resistance and support zone, making it a pivotal point for the asset's price movement.

Bitcoin recently bounced from the Fair Value Gap (FVG) zone, aligning with the golden pocket retracement zone between the 0.618–0.66 Fibonacci levels. This strong reaction drove the price back above the weekly level, signaling strength. The midline of the channel may now serve as resistance on lower timeframes. If Bitcoin prints a higher low near that level, it could build a base for the next leg upward.

If Bitcoin reclaims the midline and the monthly level, and if the monthly candle closes above that point, analysts expect the asset to aim for a new all-time high as early as next month. This would require bulls to overcome resistance levels at $100,000 and $106,000, which have proven to be significant barriers in the past.

The current market dynamics indicate that bulls are regaining momentum, with Bitcoin flirting with a potential breakout above the $110,000 mark. However, the market is also facing a crucial test as Bitcoin battles to defend the $100,000 psychological support level. A dip below this level could lead to a retest of lower support zones.

The outcome of this retest will be crucial in determining the short-term direction of Bitcoin's price movement. Traders are closely monitoring whether the price can close above the $103,000 golden line, as this would validate recovery efforts and maintain bullish momentum. The current market structure suggests strong buyer activity near critical technical zones.