​​Bitcoin bounces off support​

​​​Bitcoin bounces off support

​Bitcoin is in the process of bouncing off Friday's hammer formation low on the daily candlestick chart.

​A daily chart close above Friday's $106,207.38 high would confirm the bullish hammer formation and possibly lead to the December-to-January highs at $108,287.62-to-$109,354.00 being reached. If overcome, the May and early June highs at $110,617.03-to-$111,965.80 might be being back in sight.

​Technically speaking, Bitcoin might have the $123,098.00 level as its next technical upside target. It is where the 261.8% Fibonacci extension of the 2019-to-2021 advance, projected higher from the 2022 low, comes in.

​Immediate support can be seen between the April-to-June uptrend line at $104,240.00, the 55-day simple moving average (SMA) at $103,021.44 and the 13 June low at $102,758.58.

​Were the $102,758.58 low to give way, the 19 May low at $102,085.25 would represent the next downside target ahead of the more technically significant 5 June low at $100,043.75 and the psychological  $100,000.00 region.

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