- Bitcoin is holding steady at $117,801, with support clearly defined at $117,103.
- A drop below $110K would invalidate the current bullish structure.
- No retest of the $112K range high is expected in the near term.
Bitcoin continues to consolidate near the $117,801 mark, showing no signs of a deep correction. The current daily chart structure supports the thesis that a pullback below $110,000 is unlikely. While the 24-hour price change remains neutral, the market still holds a clear upward structure. Key support is located at $117,103, keeping Bitcoin in a tight yet bullish range.
The outlined chart presents a wave-based structure with five impulse legs already formed. This wave count suggests the recent move is part of a larger bullish sequence. The price has already cleared critical resistance zones, and the breakout has not yet shown signs of exhaustion. The “daily demand” zone around $102,000 remains untested, further reducing the probability of a deeper retracement in the current context.
Wave 3 Extension in Play as Bitcoin Eyes $118K With No Retest Expected
According to the visual projection, the most bullish scenario points to a sharp continuation from current levels. The structure suggests the third wave could extend aggressively without revisiting lower support zones. Any move below the $112,000 range high is deemed unlikely if this count holds. The chart does not anticipate a retest of this zone before continuation.
The next key resistance level is seen at $118,158, which is slightly above the current price action. As long as the market remains above $117,103, the bullish projection remains valid. Further consolidation between $117,000 and $118,000 could signal an incoming breakout. Notably, no lower high or breakdown pattern has emerged within this time frame.
Sideways Hold Above $117K Signals Breakout Setup
Market participants are now watching for continued range movement before the next breakout attempt. The illustrated wave 4 and 5 projections show some near-term sideways activity. However, the structure suggests the move will eventually resolve higher.
Short-term volatility may appear, but so far, buyers have remained in control. With the support zone holding and no retest of previous highs expected, the market appears to be preparing for the next impulsive leg. As long as price holds above $117,103, the bullish structure stays intact.
