#Bitcoin Retest in Progress – $120K Target Remains in Focus
Following a recent surge to a high of approximately $118,870, Bitcoin is currently undergoing a healthy pullback, with price action consolidating near $116,992. This retracement appears to be a standard retest phase after a strong breakout above the $110,500 base.
A further dip toward the $114,500 support zone is possible in the short term. However, the broader market structure remains firmly bullish, and the $120,000 target remains well within reach.
Key Technical Levels
Support Zone: $114,500 – $115,600
Resistance Level: $118,900
Major Upside Target: $120,000+
Strategic Outlook
Spot Traders: Consider re-entry opportunities on a confirmed bounce from the $114,500 region.
Futures Traders: Employ tight stop-loss orders below $114,000 to manage downside risk effectively.
Trend Followers: The bullish trend remains valid as long as $BTC holds above the $113,000 support threshold.
This current pullback presents a potential entry opportunity. Rather than chasing highs, traders are encouraged to prepare for strategic entries during retest phases.