Bitcoin is trading at $117,960, down 0.5% over the last 24 hours.
Strong support is observed at $117,502, while resistance stands at $118,443.
The weekly candle close is due in about 18 hours, impacting near-term levels.
Bitcoin (BTC) remains steady above the critical $117,500 support zone as traders anticipate the weekly candle to close. The digital token is trading at $117,960 after recording a 0.5% decline in the past 24 hours. The consolidation comes after Bitcoin oscillated between the support zone of $117,502 and the resistance zone around $118,443.
The weekly chart shows a time of measured action in the wake of existing gains. Remarkably, the price action is showing respect to the uptrend lines and staying close to the resistance area. This persisting range implies that short-term dynamics are closely tied together at crucial points.
Bitcoin Holds Narrow Range as $117,500 Emerges as Key Pivot Level
Over the past day, Bitcoin fluctuated within a narrow range, with lows recorded around $117,502 and highs nearing $118,443. The 24-hour decline of 0.5% reflects mild downward pressure while broader technical setups hold firm. The market remains focused on whether the price can sustain above the immediate support zone as the weekly candle nears completion.
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Additionally, the weekly chart shows that the pivot of this level shows that the price of 117,500 is a famous pivot point. Maintaining this range may be progressively difficult, which may cause more volatility in the upcoming sessions. Nonetheless, the existing figures indicate that the support is still in place.
Weekly Candle Nears Close as Bitcoin Tests Key Resistance at $118,443
Approximately 18 hours remain until the weekly candle closes, which could define Bitcoin’s short-term direction. The candle is currently positioned near the upper portion of recent trading channels, reflecting the recent bullish push. Market participants are observing whether BTC can reclaim the $118,443 resistance level before the close.
The ongoing interaction between support and resistance aligns with the visible trend lines on the weekly chart. These lines indicate that Bitcoin continues to trade within a structured technical framework. Notably, the green and blue curved lines provide additional reference points for price reactions in the near term.
