The recent Bitcoin rebound has revealed the first resistance the crypto asset must reclaim before any sustained bullish continuation.
Bitcoin is staging a comeback after bears exposed it to the $80,000 support zone. Over the last 24 hours, BTC has jumped about 4.7%, with buyers lifting prices from the mid-$86,000 area back above $91,000 as expectations of a Fed rate cut drives a wave of renewed investor interest.
On a 7-day view, Bitcoin is roughly flat, reflecting a V-shaped pattern where early losses were mostly clawed back. The 14-day performance still shows an 11–12% slide, and the 30-day change is deeper at nearly 19.9% in the red.
The latest bounce sets the stage for a closer look at whether BTC is building a base or just pausing before its next big move.
Can Bitcoin Price Reach $107,000?
Looking at a daily chart from TradingView, Bitcoin’s price action is starting to normalize after a sharp slide along the lower Bollinger Band. Notably, candles have bounced from the recent lows near the lower band, currently located around $80,680 and are now pushing back toward the 20-day simple moving average near $93,958.
This shows fading downside pressure and an early attempt to re-enter the middle of the volatility envelope. The middle band now acts as the first resistance zone, while the lower band remains key support if selling resumes. For Bitcoin to reach the upper Bollinger Band at $107,233, it must first secure a decisive daily close above the middle band.
The Chande Momentum Oscillator supports this view of improving but still fragile conditions. The indicator sits near -6.13, climbing from deeper negative readings but yet to cross into positive territory.
This suggests that bearish momentum is losing strength, though bulls do not have firm control. If Bitcoin can close above the mid-Bollinger band with ChandeMO moving above zero, it would strengthen the case for a broader recovery toward the upper band.
Bulls Need to Reclaim $100,000
On the lower timeframe, Bitcoin’s 4-hour chart is tracing out a descending broadening wedge. In analyst Captain Faibik’s view, BTC has likely already found a floor in the $80,500 area, but upside momentum will only strengthen if buyers can drive price back toward the wedge’s upper boundary.
He highlights the $100,000 region as the key resistance level, arguing that BTC bulls need to reclaim this barrier to “regain strong bullish momentum.” Such a move, he adds, could pave the way for a sustained rally in December if the breakout is confirmed.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
