Since July, the price movement of Bitcoin has remained largely flat, consolidating in the $114,500–$115,000 range. A few days ago, specific conditions were outlined under which retail participants might begin to consider buy opportunities. Those criteria have now been met, potentially signaling the start of a new upward move.

Bitcoin technical analysis

In the earlier analysis, a particular zone was highlighted as containing a notable accumulation of Stop Loss orders. These areas are often revisited by the market because they provide the liquidity required to execute large volumes of trades. For this reason, it can be important to wait for subsequent price behavior to confirm whether such a zone has been successfully cleared before assuming further movement.

On the daily timeframe, a resistance zone was formed during the Sell-Side Liquidity sweep, marked in orange on the chart. Recently, this zone was broken by a strong bullish candle, effectively turning it into support.

Looking back at similar instances, decisive closes above resistance have previously led to strong upward moves. Therefore, the combination of a Sell-Side Liquidity sweep and a close above resistance could indicate that bullish momentum is building.

Bitcoin price target

A Stop Loss may be placed below the internal low, as indicated on the chart. If the price closes back below the support zone on the daily timeframe, it could be advisable to reduce exposure by partially closing positions.

Should the momentum continue, profit-taking levels may be set as the price approaches the previous all-time high around $122,500, followed by the psychological milestones of $130,000 and $140,000.