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As Bitcoin (BTC) makes an attempt to show the $110,000 resistance into assist, some analysts imagine its worth discovery rally has simply began, forecasting new highs for the flagship crypto.
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Bitcoin Starts Second Price Discovery Uptrend
Last week, Bitcoin’s momentum propelled its worth to its new all-time excessive (ATH) of $111,814 earlier than retracing to its present vary. Over the weekend, Bitcoin confirmed its breakout into its second Price Discovery Uptrend, following its profitable retest of the $104,500 mark as assist.
The cryptocurrency has been in a big market restoration for over a month, rallying almost 50% from April lows. Analyst Rekt Capital noted that BTC ended its draw back deviation interval and positioned itself for a retest of its key re-accumulation vary throughout early May’s surge, which was efficiently reclaimed and surpassed.
The analyst considers that its new Price Discovery Uptrend has “only just begun,” as Bitcoin begins Week 2 of this part. Rekt Capital highlighted that this cycle has been “a story of Re-Accumulation Ranges,” which alerts {that a} new vary will probably kind after this Price Discovery.
Meanwhile, historical past suggests a second Price Discovery Correction is forward as Bitcoin transitions into its new Price Discovery Uptrend.
During its future correction, BTC will probably retrace between 25%-35% “to produce yet another Downside Deviation below the Re-Accumulation Range Low (future orange circle) before resuming upside into a likely Price Discovery Uptrend 3.”
In the meantime, “All Bitcoin needs to do is hold above the Re-accumulation Range High of $104,500” to proceed its worth discovery rally.
$110,000 Breakout Next?
Notably, the flagship crypto has been retesting the vary excessive as assist over the previous two weeks, confirming the breakout. As such, dipping into the earlier $92,000-$104,500 vary’s higher zone may occur as “part of normal volatility.”
Moreover, it turned one other key resistance, the $102,500 mark, into assist throughout this era, which it had beforehand been rejected from in January 2025. With these ranges as assist, Rekt Capital considers that solely the December 2024 and January 2025 upwicks, at $108,353 and $109,588, stand in the way in which of extra Price Discovery.
Trader Daan Crypto Trades noted that Bitcoin is “still strong but fighting around its previous all-time high from earlier this year.” He identified that worth motion appears to be like “very choppy” within the decrease timeframes, nevertheless it shouldn’t be regarding for buyers if the value stays inside its present vary.
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Analyst MacroCRG affirmed that Bitcoin should formally reclaim the $110,000 degree to proceed its rally, because it marks the earlier ATH and the Value Area High (VAH) from final week. “Acceptance above and we likely squeeze straight into price discovery again,” CRG acknowledged.
Currently, Bitcoin is retesting its Weekly opening of $109,004 as assist, which may set the stage for a breakout above the $110,000 mark if held. Meanwhile, rejection from this space may ship BTC worth to the $106,000-$108,000 space.
As of this writing, Bitcoin trades at $109,181, a 1.4% improve within the every day timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
