"At present, $107,000 is the most important line of defense for Bitcoin Price. A breakdown below there would shift the focus to lower support zones at $105,000, $102,500, and potentially $96,000. On the upside, $112,500 is the first resistance that needs to flip into support. If bulls manage to close the daily above that level, the next target is $115,500. Beyond there lies $118,000 - a formidable barrier that would need a weekly close to confirm a renewed uptrend."
"The week ahead could bring more volatility. On Thursday, September 11th, U.S. inflation data is due at 8:30 AM Eastern. A hotter-than-expected print may spark risk-off sentiment and drag Bitcoin lower, while a softer number could provide relief for bulls. If Bitcoin Price can reclaim $112,500 early in the week, a push toward $115,500 is likely. Failure to do so keeps the market vulnerable to another test of the $107,000 low."
Bitcoin held support at the 21-day EMA and the $107,000 level last week, ending at $111,162 after failing to close above $112,500 from Wednesday through Friday. The inability to reclaim $112,500 paused the recent recovery while maintaining a slightly bullish bias as long as $107,000 holds. Immediate downside targets on a breakdown include $105,000, $102,500, and $96,000. On the upside, a daily close above $112,500 would aim for $115,500, with $118,000 requiring a weekly close to confirm a renewed uptrend. Upcoming U.S. inflation data could trigger volatility and influence directional bias.
Read at Bitcoin Magazine
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