The price of Bitcoin is approaching the resistance level between 117,000 and 119,000 US dollars. Analysts expect a breakout at 123,000 US dollars or a decline towards 94,000 US dollars as a potential next step.
Bitcoin is trading near a key technical level, with analysts divided on whether the current structure is part of a broader correction or an early phase of a new rally. The asset recently rebounded from 111,000 US dollars, but it stalled before approaching the resistance level between 117,000 and 119,000 US dollars, an area that many see as the next critical test.
The next move could determine whether Bitcoin completes its ongoing corrective phase or begins a more sustainable upward trend.
Major correction or sudden breakout?
Analyst Casi Trades indicates that Bitcoin is still within a total ABC correction, a pattern often observed in Elliott Wave theory. She sees wave A as appearing complete, and the market is undergoing a recovery phase within wave B. The structure of wave B suggests targets between $117,100 and $119,500.
"This is the final resistance area that could top wave B," according to CasiTrades.
Any movement above the $123,500 level, which is the 1.618 extension level, would challenge this view and indicate the beginning of a new upward wave. If the Bitcoin price is rejected at the current resistance level, the next move could be a drop in the form of wave C, with targets ranging from $97,000 to $94,000.
The support is holding, but the Federal Reserve and fluctuations are on the horizon.
Ted Belous noted that the price of Bitcoin recently rose from $113,500, adding that "as long as the Bitcoin price remains stable at this level, it will rise further." However, he warned that if it declines, it could be followed by a correction towards $110,000&
