4 min readOn the daily timeframe, Bitcoin continues to trade inside what appears to be a developing range structure. The range low is located around 100,000, the range high sits near 112,000, and the range equilibrium, or midpoint, is at approximately 106,000.
At the time of writing, Bitcoin is holding just above the range EQ area, with a key high time frame support zone marked as number 2, providing a solid base for now. This zone also aligns with the local long reload zone, between the 0.618 and 0.786 Fibonacci retracement levels, an area that often acts as a defensive zone in trending markets.
If Bitcoin fails to hold this support and breaks below the range low, downside pressure could push the price into the 96,000 region, marked as number 1. This would represent a deeper retracement and a test of broader market sentiment.
On the 4-hour chart, we see structure tightening around the 106,000 level. This range EQ level is currently acting as resistance, following a recent test from below. Despite this, Bitcoin is still holding above an ascending trendline, which adds technical strength to the current structure. This same area also aligns with the reload zone observed on the daily chart, giving bulls a key level to defend.
A reclaim of the 106,000 range EQ would be viewed as a sign of local strength, opening the door for a potential move toward 108,700. That level marks the most recent swing high, aligns with the FTA zone, and intersects with a descending trendline. It is also the area where breakout traders could potentially begin to take profit, while bears could look to fade the move due to the confluence.
For now, Bitcoin remains in a range-bound structure, but the reaction at 106,000 will likely determine whether we see expansion to the upside or a deeper pullback toward the lower range boundary.
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