Bitcoin’s September 29 session was defined by a dramatic turnaround from heavy selling to a sudden and forceful bounce on short timeframes. While yesterday the bearish thesis seemed in control, today’s market saw bulls driving BTC straight at major resistance, only to slow into a tense standoff as technical exhaustion set in.

The real story is in the key technical levels that shaped today’s trading, with the 2-hour chart showing a floor at $111,530.1 and a ceiling at $112,500.0, while the 4-hour timeframe presented a wider range between a $110,618.1 floor and a $113,413.0 ceiling. On the 6-hour chart, the battle was tightly contested between the $111,528.9 floor and the formidable $113,560.9 ceiling.

Higher timeframes confirmed this resistance, with the 12-hour chart identifying a ceiling at $113,388.6 and the daily chart showing a major ceiling at the DEMA of $115,584.6. Our analysis of the short-term bounce aligns perfectly with our commentary; the momentum was quickly overstretched, confirmed by overbought oscillators and weak money flow. We rightly warned that these bullish signals lacked the strength to break the larger bearish trend, a conclusion we fully agree with.

The critical resistance zone between $112,500 and $113,560 is unlikely to give way without a significant surge in buying pressure, which currently seems absent. Therefore, the most probable outcome is a period of defensive, sideways trading within this well-defined range as the market consolidates and awaits a decisive catalyst.

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