Key Points:
Bitcoin has achieved its first daily candlestick close above the downtrend since mid-August.
Analysis suggests that this breakout should be "confirmed."
Traders have mixed expectations for Bitcoin's price, with many still anticipating new lows.
Analysis indicates that Bitcoin (BTC) has shown new reversal signals, which may end the price decline of the past two weeks.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD has closed above the downtrend line for the first time since August 13.
Bitcoin supporters hope to see confirmation signals that the majority of the bull market correction phase has ended.
Early signals such as the Relative Strength Index (RSI) showing bullish divergence, accompanied by Bitcoin's rebound from a multi-week low of $107,270.
Currently, the overall pullback since the historical high in August is being challenged on the daily chart.
Renowned trader and analyst Rekt Capital stated on the X platform at the time: "BTC is attempting to break out of a two-week daily downtrend."
As of Wednesday's writing, BTC/USD is oscillating around $111,000, with the market focusing on the upcoming key macroeconomic data from the U.S.
Market participants still show significant divergence regarding the prospects of a Bitcoin bull market.
The pseudonymous trader and analyst Il Capo of Crypto, known for his bearish views, warned his followers on the X platform that day to "get ready for impact," suggesting a possible retest of $100,000 or lower levels.
Get ready for impact.
Many traders consider $112,000 to be a key resistance level.
Cryptocurrency trader, analyst, and entrepreneur Michaël van de Poppe summarized: "Very focused on Bitcoin's performance at this resistance level."
CoinGlass annotations show that this area overlaps with the active sell order liquidity area on the exchange order book.
Renowned trader Killa pointed out: "The liquidation volume above $112,000-$112,400 is accumulating." Another trader, Daan Crypto Trades, believes: "$114,000 is a major area to watch," for the same reason.
Related: Bitmine currently holds 1.86 million ETH, accounting for approximately 1.55% of the total Ethereum supply.
Original article: “Bitcoin (BTC) Price Breaks Two-Week Downtrend, Next Target at $112,000”
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