Bitcoin Rally Heating Up – Watch This Zone Carefully!

[cryptoenthusiast]

As the new week kicked off, Bitcoin(BTCUSDT) started to climb, fueled by a pump in the S&P500 index(SPX) and the creation of a gap in the S&P500 index.

It seems Bitcoin has successfully broken above the 100_SMA(Daily) and 50_SMA(Daily), as well as a Resistance zone($114,300-$113,000).

In fact, Bitcoin has also formed a new CME Gap($113,495-$110,990) due to this S&P500 Index -driven surge.

Right now, Bitcoin is approaching the next key Resistance zone($118,740-$115,740), Potential Reversal Zone(PRZ)[$117,700-$116,080], the Cumulative Short Liquidation Leverage($117,577-$116,731), and the upper line of an ascending channel.

From an Elliott Wave perspective, by breaking this Resistance zone($114,300-$113,000), Bitcoin has entered a new phase of wave counting. It appears to be completing microwave 4 of the main wave C. Overall, the corrective structure seems to be a Zigzag Correction(ABC/5-3-5) with an expanding leading diagonal in main wave A.

I expect that in the coming hours, after a pullback to the broken Resistance zone($114,300-$113,000) and those moving averages, Bitcoin might rise again at least up to the Potential Reversal Zone(PRZ)[$117,700-$116,080]. There's a possibility of forming a larger ascending channel, but since we haven't confirmed a second top, we can't rely on that channel just yet.

Note: In general, the crypto market in the past couple of weeks has been heavily influenced by news around U.S.-China tariffs. Any headline can cause Bitcoin and other tokens to swing up or down, so keep an eye on those geopolitical headlines.

Cumulative Long Liquidation Leverage: $113,625-$112,175

Cumulative Long Liquidation Leverage: $106,033-$104,090

Note: If Bitcoin falls below the moving averages and the Resistance zone($114,300-$113,000) again, we can expect further declines.

Please respect each other's ideas and express them politely if you agree or disagree.

Bitcoin Analysis (BTCUSDT), 2-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.

[The_Walking_Dead]

Great breakdown! PRZ around $117.7K–$116K feels like the key zone — pullback then continuation makes sense as long as we hold $114K support