• Bitcoin has held the $114K zone after bouncing early, with eyes now fixed on $123K as the next target level.
•  The RSI now stands close to 47, which may hint that the market is waiting for more strong buying signals.
• BTC will still be inside a rising setup starting in 2020 and could push to $132K if volume increases near breakout zones.

Bitcoin (BTC) has rebounded to $114,552 after testing prior highs, with traders eyeing $123,182 as the next resistance. The move follows a weak bounce from a key corner level, with the Relative Strength Index (RSI) at 47.25.

Testing Key Levels and Resistance Outlook

BTC’s latest movement comes after price action retested historical highs before recovering. The rebound from $114,121 has placed focus on the $123,182 resistance zone. This level represents a critical test before any potential attempt toward higher targets.

According to the chart shared by trader TommyJR, Bitcoin is still holding above a broader rising structure dating back to late 2020. This upward trajectory has been guided by a green trendline that connects multiple cycle lows.

The chart also reveals a completed cup-shaped pattern that emerged from late 2020 into early 2021, followed by a correction. That structure led into the current bullish sequence, with an upward channel marked by price action from mid-2025.

RSI, Pattern Development, and Potential Weakness

While BTC has maintained support, the bounce remains comparatively weak. The RSI is positioned at 47.25, reflecting moderate momentum without strong overbought or oversold signals. This has left the market divided on whether momentum will strengthen or fade.

TommyJR noted that “this yellow repeat is nearly dead,” referring to a repeating pattern that appears to be losing its bullish impact. This observation suggests that BTC may require stronger market participation to confirm further upside.

A prior breakdown attempt toward $92,000 failed to materialize as the price rebounded early. That level, marked with a red X on the chart, coincides with the broader green trendline. Breaking below it would risk invalidating the current uptrend.

The chart also includes a parallel channel breakout, indicating BTC’s move into a higher range. However, without significant buying pressure, the move risks stalling before reaching $123,182.

Historical Comparisons and Market Watch Zones

The current rally has drawn comparisons to Bitcoin’s late 2020 and early 2021 cycles, where a similar cup and breakout pattern emerged. The recent sequence mirrors those earlier movements but with reduced volatility in the current phase.

BTC previously formed a flag pattern in July before breaking upward toward its all-time high (ATH) zone. The ATH mark on the chart represents the highest recorded level before recent consolidation phases.

The chart’s volume data shows a bar of 3.15M near the ATH breakout range. This volume level will be key for confirming sustained upward moves. If trading volumes drop below the 2.57M range seen during earlier phases, upside momentum could weaken.

With BTC holding $114K, traders are watching whether this recovery can gather enough strength to challenge the $123K level. Will Bitcoin rally toward $132K or risk falling back toward the $108K range?