Bitcoin is retesting a broken ascending trendline at $118.5K; a daily close above $118.5K would likely flip that level into support and target $121K–$123.2K, while failure to reclaim it risks a deeper pullback toward the 200-day moving average near $103.3K.
Bitcoin retest: Market eyes $118.5K — close above could reignite rally; failure risks pullback to $103.3K. Read analysis and next steps from COINOTAG.
What is the Bitcoin retest at $118.5K?
Bitcoin retest refers to BTC revisiting a previously broken ascending trendline near $118.5K. If price closes daily above $118.5K, the trendline may flip to support and validate bullish continuation; a clear rejection would reinforce resistance and increase downside risk toward the 200-day moving average at $103.3K.
How significant is a daily close above $118.5K?
A daily close above $118.5K is significant because it would confirm buyers reclaimed control after the recent breakdown. That confirmation typically leads to momentum continuation toward the next resistance band of $121K–$123.2K and can reduce selling pressure from short-term sellers.
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Bitcoin retests a broken trendline near $118.5K. A daily close above could reignite momentum, while rejection risks a drop toward $103.3K.
Bitcoin is at a decisive point after breaking below its ascending trendline and retesting it. The market awaits confirmation of direction at $118.5K.
Retests validate whether a break is genuine or temporary. A confirmed flip of $118.5K to support would signal renewed buyer confidence and invite trend-following entries. Conversely, a rejection would signal persistent supply at that level and could accelerate stops and liquidations toward key moving averages.
Market commentary highlights that Bitcoin is retesting its broken trendline after a strong rally established higher highs. The cryptocurrency currently trades slightly below the $118.5K resistance zone near $116.9K, placing immediate emphasis on whether buyers can push a daily close above $118.5K.
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Source: https://en.coinotag.com/bitcoin-retests-broken-trendline-near-118-5k-close-above-could-flip-bullish-rejection-may-target-103-3k/