Bitcoin has continued its impressive recovery from the March 2025 lows, pushing beyond the critical Fibonacci resistance levels and suggesting further upside potential in the coming weeks. The top cryptocurrency is currently trading near $111,443, comfortably above several key technical barriers that previously acted as resistance.
Bitcoin Pullback Completed?
Recent price action shows Bitcoin has successfully completed a textbook retracement scenario, with price bouncing strongly off the 0.5 Fibonacci level at $103,674.
After finding support at the March lows around $74,895, BTC/USD staged a remarkable recovery rally, breaking through successive Fibonacci resistance levels at $96,882 (0.382), $103,674 (0.5), and most recently $110,466 (0.618).
What’s particularly noteworthy is that Bitcoin has now converted the 0.618 Fibonacci level at $110,466 from resistance to support, which often signals the completion of a retracement and continuation of the primary trend. The next significant resistance lies at the 0.764 Fibonacci level around $118,869, followed by the 1.0 level at $132,453, which would represent a full retracement to the previous swing high.
The 100 SMA has crossed below the 200 SMA on the 4-hour time frame, though, so a return in bearish pressure could be seen while traders book profits off the new highs ahead of the weekend.
Bullish Technical Outlook
The momentum indicators displayed on the chart further reinforce the bullish outlook. The stochastic oscillator has recently crossed above the 50 level and is trending upward without yet reaching overbought territory, suggesting there’s still room for the rally to extend before experiencing exhaustion.
Meanwhile, the MACD (Moving Average Convergence Divergence) indicator shows a bullish crossover with increasing histogram bars, indicating growing buying pressure. The blue and orange lines (representing the MACD line and signal line) have both turned upward in tandem, which typically precedes periods of sustained price appreciation.
The price structure itself has formed a series of higher lows and higher highs since March, establishing a clear ascending channel. Bitcoin has maintained its position above this channel’s midline since mid-April, demonstrating that bulls remain firmly in control of the market, potentially targeting the upper half of the structure next.
From a risk management perspective, traders should watch the 0.5 Fibonacci level at $103,674 as a critical support zone. A daily close below this level could signal a deeper correction toward the 0.382 Fib at $96,882, which coincides with the psychological $100,000 barrier. However, as long as price maintains above the 0.5 Fib retracement, the outlook remains decidedly bullish with potential targets at $118,869 (0.764 Fib) and eventually the previous swing high at $132,453.
Bitcoin appeared to trail gold in taking advantage of safe-haven flows in the previous trading sessions, as heightened geopolitical tensions in Israel lifted the precious metal during Asian market hours. Later on, the “Sell America” sentiment fueled by a disappointing US bond auction and jitters ahead of the tax bill vote also weighed on USD enough to buoy BTC/USD back to its intraday highs and beyond.
