Bitcoin continues to dominate the crypto market with current trading at $116,761.24, up +2.17% in the last 24 hours, signaling renewed bullish momentum. The 24h range shows a low of $114,278.02 and a high of $117,630.00, placing BTC very close to its short-term resistance. The 24h trading volume stands at an impressive 14,742.32 BTC, equivalent to $1.72 billion USDT, reflecting high investor participation and liquidity in the market.
๐ Technical Analysis
On the 4H chart, BTC has been following a strong uptrend since rebounding from the $111,500 support zone. Price action is currently testing resistance near $118,460โ$119,800, with the psychological level of $120,000 being the next critical barrier.
Support Levels: $114,993 โ $113,259 โ $111,920
Resistance Levels: $118,460 โ $119,800 โ $120,194
The RSI is in bullish territory, indicating strong buying pressure but also suggesting caution as overbought conditions may trigger short-term pullbacks.
๐น Trading Summary
Trend: Bullish continuation
Entry Zone (Long): $116,500โ$117,000 after minor retracement
Target 1: $118,500
Target 2: $119,800
Stop Loss: Below $114,900
Short-Term Outlook: Positive, provided BTC holds above $115,000 support.
๐ฎ Price Forecast
If Bitcoin breaks and sustains above $120,000, it could open the door for a rapid move toward $122,500โ$125,000 in the coming sessions. On the flip side, failure to break this resistance may lead to a correction toward $114,000โ$113,200 before another upward attempt.
๐ Market Sentiment: Bullish
๐ Investor Outlook: Strong โ fueled by institutional accumulation and positive macro sentiment.
Conclusion: BTC is on the verge of a potential breakout. Traders should watch the $120K resistance closely โ a decisive close above it could trigger the next leg of the bull run. ๐๐ฅ