Bitcoin – Eyes on Breakout Extension Toward $112K and Beyond

Weekly structure holds, with short-term triggers aligning for continuation into Fibonacci target zone

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Market Overview

Bitcoin remains structurally bullish across all major timeframes, with higher lows intact and a clean recovery from the last corrective phase. Price action has reclaimed a critical daily level near $108,386.44, and short-term continuation could lead to a retest of the all-time high (ATH) at $112,000. Multiple Fibonacci extension levels suggest a target zone well beyond that mark.

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Long-Term Outlook

On the weekly timeframe, BTC has reestablished its upward expansion after a multi-month corrective leg. The weekly pivot level at $78,370.75 remains untested since the March–April correction, supporting the ongoing bullish phase. Fibonacci projections from the previous impulsive leg position the 123.6% to 161.8% extension between $112,000 and $120,000, with the ATH ($112,000) aligning with the 123.6% marker.

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The Daily Chart

BTC printed a bullish engulfing candle above daily support at $108,386.44, reclaiming structure after breaking a short-term downtrend line. The current advance has established a bullish continuation sequence, with minor consolidation observed below the ATH. The pivot at $105,711.78 is now the key level for trend validation.

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Short-Term Dynamics

The H4 chart shows a break of the descending countertrend line, followed by a successful retest of the H4 pivot at $108,086.43. Price is now approaching a local resistance around $109,578.57, with upside potential into the target Fibonacci cluster. A zig-zag continuation path is sketched, with interim resistances likely to be stair-stepped into higher extensions.

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Trigger Conditions
• Long Trigger: Break and hold above $109,578.57
• Short Trigger: Break below $108,086.43 (risk of deeper retest into $105,711.78 daily pivot)

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Target Zones
• H4 Target Fibonacci: $111,241.94 (161.8%)
• Weekly Fibonacci Zone: $112,000 (ATH), $116,000 (150%), $120,000 (161.8%)

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Validity

Daily pivot at $105,711.78. A breakdown below this level would invalidate the current bullish continuation thesis and shift the focus back to the $105K–$103K support range.

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Summary

Bitcoin remains structurally bullish with alignment across weekly, daily, and H4 charts. The reclaim of $108K daily support and break of short-term countertrend structure supports further upside toward the ATH at $112,000 and higher Fibonacci levels. Key trigger for upside continuation lies just above $109,578.57. Downside invalidation sits at the daily pivot ($105,711.78), which must hold to sustain the bullish outlook.

What’s your take on BTC’s current setup? Share your view in the comments—let’s compare frameworks.