- Bitcoin price has rebounded sharply from the $108,000K support zone.
- $123K remains a key resistance point for confirming the BTC price.
- Fibonacci targets suggest BTC could reach $135000K and $150,000 next.
- BTC has formed two impulse waves, indicating a continuation of the trend.
Bitcoin price recent bounce from the $108,000 support reaffirms it as a key structural base, setting the stage for a bullish continuation. Resistance of $123,000 having been repeatedly tested and Fibonacci extensions of $135,000 and $150,000 in sight, the configuration denotes an impending breakout.
The trend is supported by two impulse waves, and the upward momentum is fueled by consolidation. An upward move above $123,000 will reassure the move; a downward move at $108,000 will postpone the upward movement to a higher level.
Bitcoin Price Action Bounces From $108K Support Toward Higher Projections
The upward movements of the Bitcoin price have sharply reversed at the point of $108,000, which proves this area as a crucial support point in the prevailing system. The chart shows a pure defense of this base, now becoming a springboard to a fresh upward movement.
The bursts of rejection came close to $123,000, which were temporary, but the recurrence of $108, 000 being reverted to with significant frequency is more telling. This trend indicates a narrowing of the market within the band sustaining slightly higher lows, which is typical of an expansion before a surge.
According to the Fibonacci extension, the upside is predicted to reach $135,000 in the first phase and reach up to $150,000 should the momentum persist. This puts the $108,000 to $125,000 between the two options as a staging ground to the next conclusive step of the BTC price.
Its larger structure also represents two different impulsive waves where one generates a 62% increase and the other is currently developing with a 39% growth. This progression indicates the pattern of continuation, and consolidation is the fuel to greater progress.
A confirmed close above $123,000 would confirm this structure and clear the way to $135,000 then $150,000. But a decline below $108,000 would transition to $100,000 and postpone the bullish growth.
Price responses thus far can be described as very strong in protecting the base, which is in line with the long-term Bitcoin price projections, which project further rise. Thus, the bounce is an indicator that the market intends to support higher levels as it moves towards long-term targets.
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