Bitcoin holds steady at the key support level of $111,800, with technical indicators resonating to confirm the completeness of the bull market structure! Is the attack on the previous high imminent? | BTC price prediction

Bitcoin has experienced a healthy pullback after reaching a historic high of $123,230, currently successfully defending the critical support zone at $111,800, confirming the integrity of the bull market structure. This position forms a strong resonance area created by multiple technical indicators (including the previous range high resistance turning into support, the high point of the volume distribution value area, the volume-weighted average price VWAP, and the 0.618 fibonacci retracement level), with precise rebound validation from the price. On-chain data shows a significant increase in trading volume above the support level, indicating a return of buying pressure and potential reversal momentum. The technical outlook shows that Bitcoin is still in a clear rising trend, and this pullback presents a high probability continuation point for further rises. If the $111,800 fortress is not breached, a higher low is likely to be confirmed in the future, with targets aiming for the previous high of $123,230. A breakout would open up new price discovery space between $130,000 and $135,000 (based on fibonacci extension and historical pivot points). Caution is advised; if $111,800 is effectively broken, the structure would be damaged, looking down at the support level of $98,200.

( One ) Key Support Fortress: Multiple Technical Indicators Resonance Verification Bitcoin has initiated a healthy technical pullback after reaching a historical high of $123,230, with the current price precisely testing the key support level of $111,800. This position has triple technical authority: first, the previous high resistance level from the consolidation range has successfully transformed into a support level; second, it overlaps with the core indicators of Trading Volume distribution (Value Area High VAH, Volume Weighted Average Price VWAP); third, it precisely corresponds to the 0.618 fibonacci retracement level of this rally. The resonance of multiple technical indicators endows this support with strong defensive efficacy.

(Source: TradingView)

(二) Volume-Price Coordination Verification: Buying Pressure Returns to Build Reversal Foundation The price reaction above the key support strengthens the technical validity — Bitcoin has shown a clear rebound pattern after reaching $111,800, indicating strong demand in that area. More importantly, on-chain monitoring has detected a significant increase in Trading Volume above the support level, and this volume-price coordination phenomenon is core evidence of the return of buying interest. If the volume increase continues, it will provide a solid momentum foundation for a reversal upward.

( Three ) Trend structure intact: High probability of continuation rise pivot formed From a macro trend structure perspective, the Bitcoin daily level ascending channel remains intact. This pullback is merely seen as a stress test of the bull run structure rather than a disruption. The current price has fallen back to the high probability continuation zone (defined by technical elements such as the Trading Volume distribution center POC, and the value area high VAH), combined with the fibonacci retracement system, the $111,800 area is becoming a quality pivot point for a new round of upward movement. If it stabilizes here, it will form a higher low pattern, reinforcing the logic of the bull run continuation.

( Four ) Upside target path: Breakthrough of previous highs will initiate price discovery Based on the technical structure analysis, the primary target for the bulls is to reclaim the historical high of $123,230. After effectively breaking through this position, Bitcoin will enter a new price discovery phase. According to the fibonacci retracement level calculations and historical pivot point positioning, the next significant resistance zone is located in the range of $130,000 to $135,000. The realization of this target is contingent upon the continuous effectiveness of the support level at $111,800.

( Five ) Risk Control Warning Line: Structural Break or Trigger Deep Pullback It is necessary to closely monitor the integrity of the $111,800 defense line. If the daily closing price effectively breaks below this level (especially accompanied by an increase in Trading Volume), the technical structure will shift to bear market dominance, indicating that the price may return to the previous consolidation range, with the next key support moving down to the $98,200 area (this position corresponds to the low point of the Trading Volume distribution value area and key fibonacci retracement level).

Conclusion: The current technical pattern of Bitcoin exhibits characteristics of a "bull run pullback in place," with the multiple technical resonance support at $111,800 forming the core offensive and defensive pivot. The combination of warming trading volume and price rebound verifies the return of buying interest, accumulating momentum for a restart of the upward trend towards previous highs. Traders should consider $111,800 as the watershed for bullish and bearish positions; if it holds, they should position for a breakout of previous highs, while a break below necessitates caution regarding the risk of a deep pullback. In the future market, focus on the sustainability of trading volume and the intensity of bullish and bearish battles at key price levels.