Everyone’s Bullish Again… But Is Bitcoin Ready?

[m_c_jacob]

As I explained in yesterday’s post, even though I want to stay bullish — partly because I still hold a bag of altcoins — the overconfidence across the market makes me cautious.
Everyone seems convinced that “the bottom is in.” and history tells us that when sentiment becomes one-sided, it’s often premature.

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1. Recent Price Action
Bitcoin indeed reversed from a key support zone and managed to recover part of Friday’s losses.
However, so far, this looks more like a technical rebound than a return of genuine buying power.
Momentum remains fragile, and price is still struggling.

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2. Key Technical Levels
• Resistance: The $118K horizontal level followed by the $120K psychological barrier remain decisive.
Only a clear breakout above these zones would signal renewed bullish control.
• Support: On the downside, failure to hold above $110K would likely trigger a new leg lower, erasing the recent optimism.

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3. Outlook
The structure is neutral-to-bearish until Bitcoin confirms strength above $118K–$120K.
Until then, this bounce should be treated as a reaction, not a reversal.

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Bottom line:
I still want to be bullish — but I’ll follow the chart, not the crowd.
Confirmation first, conviction later.