Sure! Here’s a rewritten version of the content while retaining the HTML tags:
Recent price movements in Bitcoin indicate a cooling period following its unsuccessful attempt to close above the all-time high range of $123,000–$124,000. Although a short-term pullback seems probable, the overarching market trend remains positive. This correction could act as a healthy reset before Bitcoin gains the necessary momentum for its next significant surge, with $150,000 identified as the upcoming target.
Heatmap Highlights Critical Gaps in Bitcoin’s Support Levels
ZYN, a well-known crypto analyst, recently shared an update on X, drawing attention to a crucial observation from Bitcoin’s cost basis heatmap. The analyst pointed out a lack of support between the $121,000 and $120,000 thresholds, establishing a vulnerable area that Bitcoin might easily fall through if selling pressure escalates.
Below this zone, ZYN highlighted an important region around $117,000, where roughly 190,000 BTC had previously been acquired. This accumulation area signals a robust base of recent buyers and may act as a vital level where market players step in to mitigate any downward pressure.
If Bitcoin retreats towards $117,000, the analyst believes it could pave the way for renewed accumulation rather than a significant correction. Historically, pullbacks to strong support levels like this tend to energize the next upward movement as both existing and new investors capitalize on more favorable entry points. In summary, ZYN stressed that while Bitcoin appears to lack substantial support around $121,000, a solid base seems to be developing at $117,000.
BTC Struggles to Maintain Position Above All-Time High Zone
In a recent market update, Crypto Candy noted that BTC has struggled once again to sustain momentum above its all-time high resistance zone between $123,000 and $124,000. This level has repeatedly proven challenging, with price attempts above it swiftly met with selling pressure. Consequently, BTC failed to close and hold above this pivotal area, leading to a pullback that aligns with their earlier analysis.
Currently, this short-term correction is seen as a normal and healthy part of the market cycle, rather than an indication of weakness. The analyst mentioned that if the existing momentum continues, Bitcoin may dip towards the $116,000–$118,000 range before finding significant support. This area is considered a potential accumulation zone where buying interest could resurface, setting the stage for renewed bullish momentum.
Despite the recent pullback, the broader outlook remains positive. Crypto Candy reiterated a psychological long-term target of $150,000 for Bitcoin, implying that the current price actions are merely a temporary pause before the next upward movement.
