Bitcoin Price Retests Support and Resistance: Key Targets to Watch

Bitcoin is currently testing a significant level that could determine its next big move. As the price action revisits a previously troubled support and resistance zone, the focus is shifting towards specific upside targets that could come into play if this level holds.

Key Takeaways

Bitcoin is retesting a crucial support/resistance zone, showing potential bullish signals.
Key price targets to monitor are $95,000, $125,000, $150,000, and $200,000.
The market's current behavior supports the idea of a confirmed breakout.
Buyers are actively defending the support zone, which is vital for maintaining bullish momentum.

Bitcoin Price Jumps 8%

Understanding Bitcoin's Support/Resistance Zone Retest

Market analyst Johnathan Carter observes that Bitcoin's weekly chart is reassessing a vital zone that previously acted as resistance before being surpassed. This same level is now providing support, illustrating a classic support/resistance flip.

The chart he shared indicates that Bitcoin's price has pulled back into this zone following a robust upward movement, with buyers stepping in to uphold this level. This reaction is not coincidental. The highlighted area, centered around the mid-$60,000 range, corresponds to a prior breakout zone, emphasizing its technical significance.

Bitcoin price Source: X

Carter’s analysis suggests that this retest serves as a structural confirmation. The capacity of buyers to keep the price above this level implies that the breakout remains valid, and the broader upward trend is maintained.

Supporting this viewpoint is the prominent inverse head and shoulders pattern visible on the weekly timeframe. This formation signifies a shift from bearish to bullish dominance. The neckline of this pattern closely aligns with the current support/resistance zone, amplifying the importance of the ongoing retest. After breaking above this neckline, Bitcoin surged sharply before pulling back to retest it. The chart also showcases a rounded retest structure, indicating a methodical pullback. Such price action usually signals accumulation, where buyers slowly regain control without pushing the price lower.

Important Price Targets Ahead

With the support zone holding firm and the retest showing positive signs, focus now turns to the next significant price targets identified by the analyst. The first level to watch is $95,000, offering a near-term resistance area based on recent price activity. A movement into this area would confirm a continuation from the current baseline.

Next, $125,000 serves as the following target, correlating with a previous consolidation range experienced during Bitcoin's earlier rally phase. Surpassing this level would indicate sustained bullish momentum. The third target stands at $150,000, which represents a psychological and structural goal, reflecting an extension of the current trend. Typically, market participation rises at this point as momentum escalates.

Lastly, the long-term target is $200,000. This level symbolizes the complete realization of the projected move following the inverse head and shoulders breakout, as depicted by the trajectory in the chart.

Current price dynamics suggest that the market is on the brink of confirming the breakout. With buyers actively defending the retested zone and no evident breakdown in structure, the bullish outlook remains intact. As long as this support level holds, the path towards higher price levels stays open, keeping all four targets—$95,000, $125,000, $150,000, and $200,000—squarely in view.

Bitcoin price chart from Tradingview.com BTC struggles to hold $68,000 support | Source: BTCUSD on Tradingview.com