The current Bitcoin price is around 116,700. Today's low was 113,851, and the high was 116,747. The overall trend is strong, but 117,000 is a significant resistance level. For bulls to continue their upward trend, a significant breakout above 117,000 is necessary. If this fails, a volatile pullback is possible. Support levels below 114,000 and 112,500 are expected.
Trading Recommendations: If you have existing positions, hold on and set a take-profit target around 120,000. If the price falls below 112,000, consider setting a stop-loss or reducing your position to mitigate risk. If you don't have any positions, consider a light long position if the price retraces to around 114,000. For aggressive traders, try a small long position around 116,000. Remember to manage your position and avoid buying large amounts in a bullish market.
If it breaks through 117,000, 120,000 or even 122,000 is possible. However, if it falls below 112,000, be wary of a pullback to 110,000 or even lower.
The market is primarily volatile. For operational purposes, it's recommended to enter and exit quickly and maintain a controlled rhythm.
