Bitcoin is, according to TradingView data, once again attempting to return to higher levels after its price failed to hold above the $110,000 mark. Following this unsuccessful attempt, there was a drop to $103,500, placing the cryptocurrency in an ongoing correction zone. However, since the local low, the price has gradually started to recover.

Bitcoin signals attempt at recovery

On the chart, a breakout above the descending trendline appeared, which had resistance around $107,500 (white line). This move allowed Bitcoin to move back above the $110,000 mark. The price also rose above the 100-hour simple moving average (blue curve), indicating the first signs of potential recovery. The most recent short-term low even tested this moving average as support.

The nearest obstacle for buyers is around $110,000, with the price currently testing this level. If Bitcoin manages to convincingly break this level, it could rise up to $112,300, representing a 61.8% Fibonacci retracement of the recent decline.

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Key level that will determine further development

A breakout above $112,000 could, according to technical analysis, open the way for further growth, with a target at $115,000. If the upward trend continues, this level will be the next significant barrier, perceived by the market as an important psychological target.

On the other hand, if Bitcoin fails to break above $110,000 again, a new decline could begin. The nearest short-term support is around $108,000, with another at $104,000. In the long term, Bitcoin has established important support zones between $106,000 and $103,000 and $99,000 and $94,000.

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The most recent local low was created precisely at the first of these levels, which could represent the final point of the current correction. If the price holds above this area, the market may gradually resume an upward trend. Conversely, if support at $103,000 breaks, Bitcoin could drop to the second zone between $99,000 and $94,000, which would become a key long-term defensive area for investors and traders.

The market remains tense, with investors watching whether buyers will confirm the reversal and regain control or if sellers will return to dominance. The developments in the coming days could therefore decide the trend for the rest of the month.