As the week comes to a close, Bitcoin continues to show signs of resilience after the week dramatic flash crash to $101,000 price level last weekend. After days of intense volatility and heavy liquidations in the market, the world’s largest cryptocurrency has managed to stabilize above this level, even reaching $113,400 during the week.
In this context, crypto analyst Tyrex said shared a bullish view on Xstating that the worst of the downturn is behind us and that Bitcoin could soon prepare for an upward surge to $117,000.
Bitcoin’s price action reinforces the bottom line
Tyrex believes that about Bitcoin repeated defense of the $108,000 to the $105,000 zone is a strong indication that the market has already bottomed out. Price action remained around this critical area all week despite continued selling pressure. This means that there is strong support at this level.
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The analyst explained that if the correction were to still occur, Bitcoin would have already fallen below $108,000. Instead, the consistent retesting and holding of this range signals the exhaustion of the bearish trend and preparation for a recovery. Such resilience after major pullbacks has often preceded strong recovery gains in previous Bitcoin market cycles.
According to Tyrex, Bitcoin’s current consolidation phase provides a foundation for the next step up. He predicted that the price could rise to $117,000 in the coming sessions once the short-term resistance levels are cleared. The broader technical structure still favors the bulls, with many traders viewing last weekend’s crash as a reset that wiped out excessive debt, rather than a signal of long-term weakness. The momentum indicators are also starting to level off, and we could see renewed buying interest from both retail and institutional traders in the coming week.
Altcoins benefit from the power of Bitcoin
Tyrex also suggested that the broader crypto market will follow Bitcoin’s lead once it starts moving decisively higher. The majority of altcoins followed Bitcoin’s crash last weekend and fell massively. Ethereum, Solana, and XRP were all included support levels as market sentiment deteriorated.
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However, smaller assets are is starting to stabilize alongside Bitcoindue to confidence among traders who expected the worst to be over. Tyrex warned investors not to misinterpret the continued sideways move as a sign of further decline, noting that “the market has already crashed, give it a rest.”
At the time of writing, Bitcoin is trading at $105,300. Category to the new weekend, Bitcoin’s ability to end the week above $105,000 could pave the way for a breakout to $111,000 and $117,000. If this scenario unfolds, Tyrex’s projection that the crash is over and a new uptrend is forming could soon prove accurate. However, failure to hold above $105,000 could lead to further downtrend.
Featured image from Pixabay, chart from Tradingview.com