Bitcoin's Crucial Support Holds Amidst Gravestone Doji Formation – $120,000 Target in Sight

In the latest daily technical analysis, a prominent crypto analyst observed that Bitcoin concluded the trading session with a gravestone doji pattern while maintaining support above a vital threshold. The report suggests that additional bullish candlesticks are necessary to sustain momentum and propel the price towards the $120,000 resistance level, particularly as the market grapples with ongoing fundamental pressures.

Fundamental Factors Bolster Bitcoin Despite Underwhelming NFP Data

The analyst pointed out that Bitcoin’s daily candle closed with uncertainty, indicating market indecision regarding the next move. Despite this ambiguity, BTC remains positioned above the critical $110,500 level, which continues to function as a robust support zone. This level is pivotal in determining whether bullish momentum can be maintained in the near term.

It was noted that Bitcoin has preserved its bullish stance even in the face of disappointing NFP figures, influenced by fundamental commentary. This development implies that the broader market sentiment remains favorable towards BTC, with technical strength being reinforced by macroeconomic elements.

From a weekly standpoint, traditional markets concluded on a positive note, providing additional support for Bitcoin’s potential upward trajectory. However, a series of consecutive bullish daily candles is essential to cement confidence in a push towards the $120,000 resistance level. Without this confirmation, the market might remain in a consolidation phase, leaving room for volatility and short-term fluctuations.

The analyst cautioned that if Bitcoin breaches the $110,500 level by mid-week, it could pave the way for a more substantial correction, potentially testing the $100,000 support area. Such a move would alter market dynamics, intensifying selling pressure and creating strategic opportunities for traders to position themselves for short-term downside plays.

Over the weekend, the analyst will closely monitor lower timeframe charts to identify actionable scalp opportunities while ensuring that the current position above $110,500 remains intact.

Intraday Volatility Influenced by NFP and Market Fundamentals

In conclusion, the analyst emphasized that Bitcoin’s intraday chart has experienced volatility, driven by recent fundamental commentary and the lower-than-anticipated NFP data. This volatility reflects market uncertainty as traders evaluate both technical and macroeconomic factors.

It was observed that a decisive move above $113,200 would indicate stronger bullish momentum, potentially driving Bitcoin higher and helping to secure its current position. Such a breakout would signal that buyers are regaining control of the market.

Conversely, a decline below $110,400 could open the door to further downside. For now, the analyst intends to wait patiently for the market to develop a more mature trade setup before taking the next actionable position.

Disclaimer: This information is provided for educational purposes only. Past performance does not guarantee future results.