Bitcoin Bulls Await Key Pullback Level for Safer Reentry
With Bitcoin hovering just below record highs near $119,500, market participants are weighing whether to buy into strength or wait for a more strategic reentry point.
Markus Thielen, founder of 10x Research, believes the ideal entry could come with a retracement to Bitcoin’s former breakout zone around $111,673 — the May high that now acts as a critical support level.
“We’d prefer to see Bitcoin revisit the $111,673 area to improve the risk/reward setup for fresh long positions,” Thielen said in a note Monday.
Traders often look for pullbacks to previous resistance zones after major breakouts, as these levels tend to be retested before further upside. Such a scenario would allow for tighter stop-loss placements and higher upside potential — aligning with the common 1:2 risk-reward ratio used in disciplined trade setups.
As of writing, BTC is trading flat at around $119,500, up slightly after reports of a historic U.S.–EU trade agreement sparked optimism across global markets.
But not all traders are banking on a dip. Thielen suggests that if Bitcoin pushes above the $120,000 mark — breaking a descending trendline connecting recent local highs — it could trigger fresh momentum entries.
“A sustained breakout above $120K would validate re-entering the trend,” he added. “However, it would require tighter stop placements due to thinner near-term support.”
Whether Bitcoin offers a textbook pullback or forces bulls to chase a breakout remains to be seen. But for now, all eyes are on two zones: $111.6K for patience, or $120K for breakout confirmation.
