rewrite this title Bitcoin Attempts $111,000 Reclaim, But Last Leg Up Could Be Weeks Away

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Bitcoin (BTC) has seen a 4% bounce from the lows to retest a crucial resistance level, which could determine whether a breakout or a breakdown is next. Meanwhile, an analyst suggested that BTC’s final leg up and cycle peak could come in the coming weeks.

Bitcoin Key Attempts Key Level Reclaim

Following its recent drop, Bitcoin is now attempting to break out of its local range high and reclaim the $111,000 zone as support. As September started, the flagship crypto retested the $107,000 range low before bouncing 4% to the local upper boundary.

Analyst Ali Martinez noted that BTC has been trading in a descending channel on the 4-hour chart for the past two weeks. The cryptocurrency retested the pattern’s upper boundary, around $110,700, breaking above this area on Tuesday morning.

To the market watcher, Bitcoin needs to close above $110,700 for a meaningful rebound, as a confirmed breakout above this level could set the stage for a retest of $113,500.

BTC’s two-week descending channel. Source: Ali Martinez on X

On the contrary, failing to reclaim this resistance will likely reinforce bearish momentum and deepen the correction, the analyst warned, adding that “the SuperTrend indicator also aligns with this zone, maintaining a bearish posture at $110,700.”

Meanwhile, Sjuul from AltCryptoGems suggested that Bitcoin is attempting to replicate the same playbook of the recent significant pumps. According to the chart, the flagship crypto has entered a corrective period following a new all-time high (ATH), displaying a falling wedge pattern before breaking out again.

Based on this, the $108,000 level is a key area for the bulls as it serves as a crucial bounce point. Holding this level would “confirm BTC’s strength on the higher timeframe, showcasing a formidable price action with resistance flipping and retesting.”

To Sjuul, Bitcoin is at a “critical juncture to keep playing the same tune,” and failing to maintain it would increase the risks of a bigger correction to the $98,000 level, where the Weekly EMA50 sits.

BTC To Peak In Coming Weeks?

Rekt Capital gave a higher timeframe perspective for the flagship crypto, highlighting that BTC has shown mixed signals after failing to close the week above the $109,000 level. This level previously served as the final weekly resistance before new ATHs, which suggests it could be the first technical signal of a bearish confirmation.

Nonetheless, he asserted that while the weekly timeframe is “showing early signs of weakness, the Monthly chart tells a different story.” Notably, Bitcoin has held its Macro Range of $107,200-$116,000.

Additionally, monthly candles have produced long downside wicks throughout the cycle, with deep retests often occurring before trend continuation. This suggests that the broader market structure remains intact despite weekly pressure.

As this week progresses, the cryptocurrency could see heightened volatility, tapping the $104,000 on a wick. He stated that “If the Weekly timeframe confirms rejection from $107k and progresses bearish confirmation, that could be the trigger for such a Monthly wick.”

In this case, “then the goal for price would be to then resynchronize with the Monthly Range before the Monthly Close is in” to maintain the macro structure and set the stage for one last leg up.