Current Trading Range: ~$115,000–$118,000
Projected Short-Term Range: $112,000–$117,000
Technical Setup
Bitcoin’s price action has been consolidating near the higher end of its recent range, suggesting that bulls are still in control. The $116,900 mark is particularly important—if BTC closes decisively below this level, sellers could gain short-term momentum, potentially driving prices toward the $110,000 region. On the upside, breaking above $120,500 could act as a trigger for another leg higher, with $122,056 and $123,181 serving as the next major resistance levels.
Support Levels
Primary Support: $115,700 – This is acting as a floor for current bullish momentum.
Secondary Support: $111,965 – A deeper correction target if selling pressure intensifies.
Resistance Levels
First Resistance: $120,500 – A breakout above here would signal renewed bullish strength.
Major Resistance Zone: $122,056–$123,181 – Likely to attract significant profit-taking.
Market Sentiment
The sentiment in BTC remains bullish, backed by strong institutional inflows, positive regulatory developments, and a “greed” reading of around 67 on the Fear & Greed Index. Analysts suggest that as long as Bitcoin holds above $115,000, buyers are likely to dominate short-term trading.
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