Bitcoin saw a strong rise today, nearing significant resistance levels. Here’s a quick analysis of what’s happening:

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🚀 Is it expected to rise today and break the resistance?

1. Current Situation

• Bitcoin is currently trading at around $118,536, with concentrated trading between $113K and $118K .

• Recently, it recorded new all-time highs above $113,800–$113,822 .

2. Key Resistance Levels

• $120,000: The nearest psychological and technical resistance level (Fibonacci target 127–138%).

• Followed by resistances at $122,800–$125,000 within a continuous breakout scenario .

3. Support Levels

• Immediate support at $116,000–$116,500 (EMA/VWAP level) .

• Stronger support between $111,000–$112,000, which recently formed a resistance turned support level ().

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4. Short-term Technical Analysis

• Clear upward trend with indicators like RSI diverging out of the overbought area (around 80–79 in the 30-minute to 4-hour frame), and MACD indicating a strong upward trend .

• A critical breakout above $120K could open the way towards $122.8K → $125K .

5. Potential Risks

• Temporary pullback for correction if it delivers above $120K or if the pair fails to hold above $116K (false breakout).

• Dropping below $111K may bring the market back toward a support range between $108K–$110K $BTC