- Bitcoin held a 114k zone after bouncing early, with the eye pinned at $123,000 as its next target level.
- The RSI currently stands near 47, suggesting that the market is waiting for a stronger purchase signal.
- The BTC is within a rising setup that starts in 2020 and could push to $132,000 if volume increases near the breakout zone.
Bitcoin (BTC) has rebounded at $114,552 after testing its previous highs, with traders looking at $123,182 as their next resistance. This move follows a weak bounce from the key corner level with a relative strength index (RSI) of 47.25.
Testing key level and resistance prospects
BTC’s latest movement comes after price action regains historic highs before it recovers. The rebound from $114,121 focuses on the $123,182 resistance zone. This level represents a critical test before potential attempts at higher targets.
Bitcoin is still held on a broader upward structure dating back to the second half of 2020, according to a chart shared by trader TommyJr. This upward trajectory is led to a green trend line connecting the lowest prices of multiple cycles.
The chart also reveals the completed patterns of cup-shaped ones that appeared between the second half of 2020 and early 2021 and early 2021. That structure led to the current bullish sequence, with an upward channel marked by price action from mid-2025.
RSI, pattern development, and potential debilitating
BTC maintains support, but the bounce remains relatively weak. The RSI is located at 47.25, reflecting moderate momentum without strong buy or excessive signal or excessive signal. This split the market on whether momentum will be strengthened or faded.
Tommyjr points out that “this yellow repetition is almost dead,” referring to a repetition pattern that appears to have lost its bullish influence. This observation suggests that BTC may require even stronger market participation.
Previous attempts to break down against $92,000 were not possible as prices recovered earlier. That level marked with a red X on the chart matches the wider green trendline. If it falls below that, there is a risk that the current upward trend will be invalidated.
The chart also includes parallel channel breakouts, indicating the move to a higher range of BTC. However, without significant purchasing pressure, the move risks stalling before reaching $123,182.
Historical Comparison and Market Surveillance Zone
The current rally depicts comparisons between the cycles of late 2020 and early 2021, when cup and breakout patterns emerged similar to those of the cycles of late 2020 and early 2021. Recent sequences reflect these previous movements, but at the current stage the volatility is decreasing.
The BTC previously formed a flag pattern in July and then split upwards towards the highest ever (ATH) zone. The ATH mark on the chart represents the highest record level before the recent integration phase.
The volume data on the chart shows a 3.15m bar near the asbreakout range. This volume level is key to checking for sustained upward movement. If trading volumes fall below the 2.57m range seen in previous stages, the momentum of the rise could weaken.
With BTC holding $114,000, traders are looking at whether this recovery can gather enough strength to challenge the $123,000 level. Will Bitcoin gather towards $132,000 or is there a risk of going back to the $100,000 range?
