Bitcoin - Clearing the Gaps on the Way to 117kBTCUSDT Perpetual ContractBYBIT:BTCUSDT.PTehThomasBitcoin continues to respect the ascending channel on the 4H chart, showing steady higher highs and higher lows with clean structure. Price has been climbing with solid bullish momentum, and each retracement so far has been contained within the channel. This gives us a clear framework to track both short-term pullbacks and the next potential leg higher. Channel Dynamics The channel is holding perfectly, with both the upper and lower bounds being respected almost to the point. As long as price trades within this structure, the bias remains bullish. A deep pullback into the lower side of the channel would not necessarily invalidate the setup, but we should avoid closing below the last key demand zone if we want to keep the bullish structure intact. Fair Value Gaps Below Before continuing higher, Bitcoin may dip back into inefficiencies left behind. A key fair value gap sits below around the 111,700ā112,300 region, aligning with prior support. Price filling this gap would be healthy for the structure, giving bulls a better base to push from. If price respects that level, the probability of a continuation toward the channel highs increases significantly. Bullish and Bearish Scenarios On the bullish side, if we hold the demand zone and reclaim the blue structure line, price should attempt to sweep short-term highs and extend into the upper channel boundary. A clean break above would open the door to the red supply zone around 117,000ā118,000. On the bearish side, any decisive close below the purple fair value gap would shift momentum and put pressure on the lower channel boundary, signaling weakness and invalidating the immediate bullish scenario. Price Target and Expectations If the structure continues to play out, I expect Bitcoin to first dip into the imbalance below, find support, then make another leg higher toward 116,500ā118,000. This area is a logical liquidity pool where stops above recent highs are clustered, and also aligns with a major supply zone. That zone should be closely monitored for reactions and potential reversals. Conclusion Bitcoin remains in a constructive bullish channel, but gaps below need to be addressed before a push into higher liquidity levels. I will be looking for a retracement into the imbalance to set the stage for a continuation higher into the upper red supply zone. As long as we hold above the key demand region, the bullish play remains valid. ___________________________________ Thanks for your support! If you found this idea helpful or learned something new, drop a like š and leave a comment, Iād love to hear your thoughts! š