Bitcoin Charting A Recovery: Bullish Base Forms After $115,000 Drop

Bitcoin is showing signs of life after a sharp drop from the $115,000 level, with bullish momentum quietly rebuilding beneath the surface.

As volatility settles, a potential recovery is beginning to take shape, fueled by key technical signals on lower timeframes.

With the market stabilizing, the next move could define the short-term trend.

Sharp Pullback Follows Rejection At $115,000 Resistance Zone Providing an update on the current state of the crypto market, Kurnia Bijaksana pointed out that Bitcoin, along with several altcoins, experienced a sharp decline last night.

The sudden move caught the attention of traders and analysts alike, prompting a closer look at both the technical and fundamental factors driving the action.

Related Reading: Bitcoin Buying Spree Ends On Coinbase: Temporary Pause Or Trend Shift? From a purely technical perspective, the decline appears to have been triggered by Bitcoin hitting a key resistance zone near the $115,000 level.

Despite the pullback, Kurnia observed that Bitcoin’s price is now showing early signs of recovery.

This area has acted as a ceiling for prices in recent sessions, and the rejection sparked selling pressure across the broader crypto market.

However, on the intraday chart, a rebound is already underway, suggesting that buyers are stepping in to defend key levels and potentially absorb the recent selling.

Whether this bounce can turn into a sustained move higher remains to be seen, but for now, the charts suggest that Bitcoin may be stabilizing after the initial drop. 1-Hour Chart Reveals Early Signs Of A Trend Reversal Kurnia Bijaksana provided further analysis, focusing on Bitcoin’s price action within the 1-hour timeframe.

According to the analyst, BTC is currently forming a higher low—a classic indicator that signals growing bullish momentum and the potential for an upward continuation in the near term.

Related Reading: Bitcoin Pullback Remains Within Normal Volatility Range: Drawdown Analysis Shows No Signs Of Panic Bijaksana also highlighted the potential development of an inverse head and shoulders pattern, which is typically seen as a strong bullish reversal signal.

In this case, the neckline of the pattern is located around the $115,300 level, a key resistance zone that Bitcoin must break through to confirm further upside.

If Bitcoin manages to break and hold above this neckline, Bijaksana believes it could trigger a measured move toward the $118,000 level.

A confirmation of this breakout would provide a clear bullish signal, possibly paving the way for continued strength in the coming sessions.

Bitcoin is currently priced around $114,315, boasting a market capitalization exceeding $2.2 trillion.

Over the past 24 hours, it has recorded a trading volume of more than $58.8 billion, reflecting strong market activity.

Featured image from Pixabay, chart from Tradingview.com.

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