Technical analysis by SpecuVisionary about Symbol BTC: Buy recommendation (8/4/2024)

SummaryBitcoin has staged a clear turnaround after holding support near $76K in April and reclaiming critical dynamic resistances at $89.3K and $96.7K. On May 8, BTC printed a powerful rally candle that peaked at $102.7K, signaling a potential shift from range-bound chop back into an up-trend. This piece unpacks the price structure, macro drivers, and key levels, and lays out the scenarios for the next leg higher or a corrective pullback.Macro & Sentiment BackdropMacro liquidity ebb & flow: Recent dovish commentary from the Fed reduced forward rate-hike risk, restoring confidence in risk assets.Regulatory clarity: transparent guidelines in major markets continue to draw fresh institutional capital. Network health: On-chain metrics such as rising active addresses and declining exchange inflows reinforce supply scarcity narratives.Chart Structure & Technical EvolutionDeclining volatility and volume contraction characterized the consolidation phase.Dynamic Resistance BreaksR1 (~$89.3K) & R2 (~$96.7K) (grey/green labels) had capped rallies in mid-April and late-April.The decisive May 8 candle surged through both, converting them into short-term support pivots.Current MomentumA long green daily bar with above-average volume implies genuine buying demand (not a thin-market spike).Price now trades above $100K, a major psychological and technical threshold.Key Levels & ZonesLevelTypeSignificance$108KStatic SupplyPrior swing high; first major profit‐taking zone$102.7KRecent PeakNear‐term resistance; tag of psychological $100K$96.7KDynamic R2 → SupportIdeal retest area for dip buyers$89.3KDynamic R1 → SupportSecondary support if $96.7K fails$76K–$78KApril Range SupportInvalidation zone for bullish thesisBullish vs. Bearish ScenariosBullish PathRetest & Hold: A pullback into $96.7K–$100K on lighter volume that finds support would validate the breakout.Accelerate Toward $108K: A sustained move above $102.7K with daily closes above $104K clears the way to challenge the $108K supply zone and beyond.Bearish RiskRejection at $102.7K: Failure to close convincingly above peak time resistance could trigger profit-taking and a swift drop to $96.7K.Breakdown Below $89.3K: A daily close back under the first support zone would re-trap bullish participants, risking a deeper pullback into the April range near $76K–$78K.Is $108K or $115K Next? No one knowsFollow the momentum and Trend