BTC stabilizes above $111,000 after rebounding from the 38.2% Fibonacci level at $106,570, signaling short-term buying strength.
RSI recovers to 47.5 and MACD approaches a bullish crossover, hinting at renewed upward momentum.
A breakout above $114,000 could trigger a move toward $118,500-$120,000, while failure risks a retest of $106,000 or $100,000.
Bitcoin (BTC) is beginning to stabilize after a volatile week, reclaiming the price $111,000 level. The recovery coincides with BTC holding its key Fibonacci support at $106,500, indicating short-term selling pressure might be lifting.
BTC is trading at $111,342 with an increase of 1.12%. The rebound from Wednesday's low of $106,570 aligns with 38.2% Fibonacci retracement levels; consequently, this level still acts as a crucial pivot point for the near-term direction of BTC.
The following resistance zone is at the 23.6% retracement level near $114,139, while the support level remains at $106,570. Below that, the 50% retracement at $100,452 is the next line of support.
Bitcoin's upward sloping trendline continues to provide structural support, which would indicate the broader bullish structure is intact as long as prices remain above $106,000.
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RSI is currently at 47.59, suggesting a gradual recovery from the oversold area below 40. This hints at an increase in bullish momentum.
The MACD histogram shows the bears are losing their strength, and at the same time, the MACD line (-267) is getting closer to the signal line (-1,579). The convergence often signifies a bullish crossover, which in turn may lead to the price climbing up to $113,000-$115,000.
The range between $113,000-$114,500 is the immediate challenge for Bitcoin in the near term. This zone is characterized by a consolidation of various technical resistances, notably the 23.6% Fibonacci retracement, the 50-day EMA, and the bottom side of the previously broken trendline.
A close above $114,000 could lead to a rally towards $118,500-$120,000. While a failure to break this level could accelerate selling towards $106,500.
The broader structure remains within a mid-cycle correction, which often follows parabolic expansions. Traders remain cautious, with momentum oscillators still neutral.
According to Myriad, a leading prediction market, estimates the odds that Bitcoin will reach back to $100,000 before returning to $120,000 is 45.7%.
Institutional activity tells a different story. Spot Bitcoin ETFs saw recorded fluctuating flows this week, with $477 million inflow on Tuesday, followed by outflows of $40 million on Monday and $101 million on Wednesday. Highlighting indecisiveness among traders.
Meanwhile, Glassnode data indicates that BTC is trading below the short-term holders' cost basis of $113,100, indicating a demand exhaustion. Long-term holders continue to hold strong, meaning that the current episode is one of consolidation rather than a full trend reversal.
Fadi Aboualfa, Head of Research at Copper, said, “Each time fear dominates, the data shows the same rhythms: sharp pullback, consolidation, and recovery. The recent dip near $103,000 looks similar to exhaustion points seen in past cycles, suggesting we could see a rebound toward $125,000-$130,000 by mid-December.”
If Bitcoin remains above $106,000 and reclaims $113,000-$115,000 zone, it could be a confirmation of the short-term reversal.
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Immediate Support: $106,570 (38.2% Fibonacci retracement)
Strong Support: $100,450 (50% Fibonacci)
Immediate Resistance: $114,139 (23.6% Fibonacci)
Next Resistance Zone: $118,500-$120,000
Trendline Support: $107,000
As long as the $106,000 support holds, the overall sentiment will remain neutral-to-bullish. The recovering RSI, MACD convergence, and the price closing over the trendline support area all point towards a short-term bounce.
If BTC manages to break and stay above $114,000, it is expected that the price will test $118,000-$120,000 range. On the flip side, if there is a close below $106,000, BTC will be dragged back to $100,000.
1. What are Bitcoin’s immediate support and resistance?
BTC’s immediate support lies at $106,570, with resistance between $113,000-$114,500; a breakout could extend gains to $120,000.
2. What do RSI and MACD indicate for Bitcoin right now?
RSI near 47 and an approaching MACD crossover suggest bearish exhaustion and the start of a possible bullish recovery.
3. Can Bitcoin reach $120,000 soon?
If BTC holds above $106,000 and breaks the $114,000 zone with volume, it could target $118,500-$120,000 by mid-November.
4. How are institutions reacting to Bitcoin’s volatility?
Spot BTC ETFs show mixed sentiment inflows of $477 million followed by $101 million outflows, signaling institutional indecision.
5. What’s the overall Bitcoin trend outlook?
As long as BTC stays above $106,000, the mid-cycle correction phase remains intact with a neutral-to-bullish bias for Q4 2025.