- Bitcoin’s price is retesting a major macro trendline that dates all the way back to 2017.
- Analysts see the $110K-$112K zone as a critical support and accumulation level for BTC.
- The key resistance to break for a new rally is $116,800, according to the charts.
Leading market analysts are growing more optimistic about Bitcoin, suggesting the stage is being set for a major bull run in the second half of the year. While the price has seen a nearly 4% pullback over the past week, now trading around $114,168, a closer look at the charts reveals a potentially explosive setup.
Despite the pullback, technical indicators and market sentiment hint at a potentially explosive upward move if critical resistance levels are overcome and support zones hold firm. With volume climbing and momentum shifting, the market seems poised for a new phase.
Related: US Dollar Index (DXY) Plunge Pushes Bitcoin to $115,000 as Fed Rate-Cut Speculation Heats Up
Resistance Levels Hold the Key
Michaël van de Poppe believes the market structure is aligning beautifully for a bullish surge, but he emphasizes caution. Bitcoin recently bounced from the $110K–$112K zone, showing that demand remains strong. It is now pushing toward a resistance band between $115K and $116K.
If Bitcoin can break and hold above $116.8K, the next leg toward $119.5K may begin. That level marks a return to its previous trading range, and surpassing it could open the door to new all-time highs.
The growing trading volume supports this bullish setup. A rise in volume during upward price movement typically confirms momentum and investor confidence. Van de Poppe also mentioned that while a final sweep below current support might happen, a breakthrough could bring explosive gains.
Market Sentiment Is Cooling Off (And That Might Be a Good Thing)
Adding another layer to this Bitcoin price analysis, Ali Martinez highlights a significant shift in market sentiment. Over the past month, Bitcoin’s Fear & Greed Index has dropped from “Extreme Greed” (around 78) to a more neutral reading near 50, even as the price has remained relatively stable.
Martinez notes that historically, the best buying opportunities often come during periods of “Extreme Fear.” While the market isn’t there yet, this cooling of euphoria is seen by many long-term investors as a healthy sign, suggesting that the “hot money” has been shaken out, potentially setting the stage for a more sustainable rally.
Key support lies near $55K, and breaching it could invite stronger corrections. Long-term investors often benefit most when fear dominates and prices reflect undervaluation.
Macro Support Retest Adds to the Drama
Tying it all together, analyst Ash Crypto points out that Bitcoin is in the middle of a critical retest of a long-term macro trendline that stretches all the way back to 2017. For years, this line acted as major resistance.
Related: Capital B, H100 Group Lead European Push to Add Bitcoin to Corporate Balance Sheets
Now, after breaking above it, Bitcoin is testing it as support near the $114K mark.
Holding this zone would confirm the breakout, potentially fueling a rally toward $120K and beyond. However, any sustained breakdown from this level could nullify the bullish thesis and lead to broader retracements.
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