Bitcoin Holds Key Support Amid Gravestone Doji – $120,000 Hangs In Balance

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. In his latestdaily technical outlook, Cryptowzrd highlighted that Bitcoin closed the day with a gravestone doji, while holding above a critical level. According to the analysis, more bullish candles are needed to sustain momentum and push the price toward the $120,000 resistance, especially as the market contends with ongoing fundamental pressures. Fundamentals Support Bitcoin Despite Weak NFP Print

Cryptowzrd highlighted that the daily candle of Bitcoin closed indecisively, signaling uncertainty as the market evaluates its next move. Despite this indecision, BTC remains above the crucial $110,500 level, which continues to serve as a strong support zone. This level remains critical in determining whether bullish momentumcan be sustained in the short term. Related Reading Bitcoin Battles Key Support: Can September’s Dip Set The Stage For A Q4 Rally? 4 days ago

The analyst noted that Bitcoin has maintained its bullish edge even in the face of a lower-than-expected NFP print, triggered by fundamental commentary. This development suggests that broader market sentimentis still supportive of BTC, and technical strength is being reinforced by macroeconomic factors.

From a weekly perspective, traditional markets have closed on a bullish note, adding further support to Bitcoin’s potential upside. However, a series of consecutive bullish daily candles is needed to solidify confidence in a rally toward the $120,000 resistance level. Without this confirmation, the market could remain in a holding pattern, leaving room for volatility and short-term swings. Source: Chart from CRYPTOWRZD on X

On the downside, he cautioned that if Bitcoin breaks below the $110,500 level by mid-week, it could open the door for a deeper correction, potentially testing the $100,000 support zone. Such a move would shift market dynamics, increasing selling pressureand creating strategic opportunities for traders to position for short-term downside plays.

Over the weekend, Cryptowzrd will be closely monitoring lower-time frame charts to identify actionable scalp opportunities while ensuring that the current position above $110,500 remains secure. Intraday Volatility Driven By NFP And Market Fundamentals

Concluding his analysis, the analyst highlighted that the intraday chart of BTC has been volatile, influenced by recent fundamental commentary and the lower-than-expected NFP print. This volatility reflects the market’s uncertainty, as traders weigh both technical and macroeconomic factors. Related Reading Bitcoin Market Base Turns Neutral-Bearish As Flows Stay Weak 3 days ago

He noted that a decisive move above $113,200 would signal stronger bullish momentum, potentially pushing Bitcoinhigher and helping to secure the current position. Such a breakout signals that buyers are regaining control of the market.

On the other hand, a drop below $110,400 could open the door for additional downside. For now, the analyst plans to wait patiently for the market to form a more mature trade setup before taking the next actionable position. BTC trading at $110,823 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com