After a remarkable start to \u2018Uptober,\u2019 Bitcoin (BTC) has recently seen significant volatility, retesting multiple crucial levels. As the price bounces from the $110,000 mark, some analysts have suggested that BTC\u2019s rally won\u2019t restart until a key area is reclaimed.<\/p>\n
Over the past week, Bitcoin\u2019s price has fluctuated between its range\u2019s lower and upper boundaries, hitting both a new all-time high (ATH) of $126,000 and a three-month low of $102,000.<\/p>\n
Notably, the crypto market saw one of the largest liquidation<\/a> events in history on Friday, which briefly sent BTC\u2019s price below $107,500. The flagship crypto quickly bounced from the lows and reclaimed the $110,000 barrier as support over the weekend, attempting to reclaim the $116,000 level twice since Sunday.<\/p>\n Analyst Ted Pillows noted<\/a> that holding the crucial $110,000-$111,000 zone could set the stage for a bounce back to the high of its three-day range, but warned that losing this area could send the price to the $107,000 support before a reversal.<\/p>\n Similarly, Daan Crypto Trades highlighted<\/a> that despite the pullback, BTC\u2019s range between $107,500-$124,000 has held and the key horizon levels have been respected, with \u201cmany large pivots and moves happening from these areas.\u201d<\/p>\n The trader suggested that Bitcoin will likely continue to \u201cchop\u201d within the range\u2019s mid-zone, where most price action has occurred since Q3, until it reclaims and retests $117,000 as support.<\/p>\n To achieve this reclaim, analyst Rekt Capital pointed<\/a> out BTC must show continued stability around the $114,000 area as it has \u201chistorically preceded upside into at least $117.3k.\u201d<\/p>\n He noted that on the previous occasions when the price Daily Closed above this level, Bitcoin was able to rally to at least $117,300, even if the bounce eventually led to more downside action.<\/p>\n Nonetheless, \u201cfor bullish bias, it\u2019s important $117.3k doesn\u2019t turn into a resistance on this current move and so Bitcoin will need to Daily Close above $117.3k to continue towards $120k over time,\u201d the analyst warned.<\/p>\nBTC\u2019s Macro Structure Shows Strength<\/h2>\n