Optimal Entry Zones for Bitcoin Bulls Marked by Analysts’ $112K Pullbacks

Bitcoin’s relentless advance has pushed the market’s bellwether asset within 2 % of the $120,000 mark for the first time in nearly two weeks, prompting traders to reassess entry levels. In a morning note, 10x Research founder Markus Thielen argued that the most favourable risk-adjusted opportunity now lies near the prior breakout level at $111,673, the high from mid-May that subsequently turned into support. Historical price action shows bitcoin often retests major breakout points before launching the next leg of a bull run, and Thielen estimates that a pullback into the $112-113 K zone would create a classic 1:2 risk-reward profile for long positions targeting a move back to record highs. If the correction fails to materialise and the price instead pierces the descending trendline linking the 14 and 23 July peaks, Thielen says momentum traders may look to buy strength above $120 K, albeit with unusually tight stop-loss orders because the move would be extended. On-chain metrics remain supportive: realised cap has crossed $1 trillion, exchange reserves sit at eight-year lows and the percentage of supply last active one-plus years ago remains above 69 %. Options markets show rising open interest in $140 K and $150 K September calls, indicating expectations of fresh highs this quarter. Nevertheless, funding rates on perpetual futures have normalised after last week’s spike, suggesting leverage is not yet overheated. The analysis comes as macro sentiment brightens following a U.S.–EU tariff deal and ahead of Wednesday’s FOMC decision, events that could inject further volatility into crypto markets.