Bitcoin is trading at $119,040, staging a modest rebound after slipping from the $123,236 resistance earlier this week. On the 4-hour chart, price remains within a broad ascending channel that has guided its uptrend since early August.

The 50-SMA at $118,753 is acting as dynamic support, repeatedly halting intraday pullbacks, while the 0.236 Fibonacci retracement level at $117,335 has so far held as a structural floor.

The RSI has bounced from the mid-40s, signaling that selling pressure is easing, while the MACD histogram is flattening out, hinting that bearish momentum is losing steam.

If Bitcoin manages to maintain this footing above $117,300, bulls could attempt another push toward the $123,236 resistance zone, with $126,242 as the next technical target.