‎Bitcoin Bullish Recovery amidst Short-Term Retracement Anticipation

‎BTCUSD Market Analysis- September 18

‎Bitcoin continues to showcase strength as it exits its retracement phase, with buyers reclaiming key levels and maintaining bullish momentum. However, technical signals suggest a potential short-term correction before the next leg higher.

‎Bitcoin (BTCUSD) Key Levels

‎Support Levels: $116,600.00, $107,800.00
‎Resistance Levels: $126,200.00, $133,000.00

‎BTCUSD Long-Term Trend: Bullish

‎Bitcoin’s recent bearish retracement found strong support at the $107,800 demand level, triggering a new phase of bullish momentum. Since then, price action has respected the ascending bullish trend line, reinforcing the upward trajectory.
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‎The bullish recovery has reclaimed the $116,600 demand level, a crucial zone now acting as support as buyers aim to push price further toward the $126,200 supply level. While momentum remains strong, the daily Relative Strength Index (RSI) is edging closer to the overbought region, hinting at a potential slowdown. This suggests that a temporary retracement could emerge before buyers gather strength for a sustained move higher.
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‎If such a pullback occurs, it is expected to be a retest of the $116,600 level, which has now turned into solid support. A successful retest would provide the foundation for another bullish expansion toward higher levels.

‎BTCUSD Medium-Term Trend: Bullish

‎On the 4-hour timeframe, the bullish structure is even more evident. Price recently confirmed a bullish break of structure around the $116,600 level, signaling further bullish expansion ahead.
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‎That said, momentum indicators show price nearing the overbought zone, increasing the likelihood of short-term bearish pressure. However, since the RSI has not yet fully entered overbought conditions, there remains room for additional upside before a correction sets in.

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