The current market structure of Bitcoin remains bullish, with price action steadily progressing within a well-defined upward channel. Since resolving the prior upward wedge, BTC has consistently formed higher highs and higher lows, respecting both support and resistance levels.
At present, BTC has completed another full rotation from the channel’s support and is now testing the upper boundary of the channel. This level coincides with a significant resistance zone around 118,200 – 117,200, creating a strong confluence area.
The primary expectation is a short-term corrective move, as the probability of rejection from this resistance remains high. A rejection here would indicate exhaustion of the current upward impulse and could trigger a downward rotation toward the channel’s support.
The target price (TP) for this corrective play is logically set at 112,200, which aligns well with the ascending support line of the channel — representing the most probable reaction zone for buyers.
