Bitcoin approaches the upper boundary of its falling wedge near $116,940, signaling the market’s attempt to break out upward.
Support at $115,000 and $113,110 provides stability while BTC tests wedge resistance, attracting traders’ attention for a potential rally.
Technical analysis indicates that breaking above $118,000 would confirm the falling wedge breakout, leading BTC toward higher short-term targets.
Bitcoin (BTC) is trading around the $115,525 level amidst a test of resistance on a falling wedge setup. The position in the market signals a possible bullish trend in case of overcoming the main barriers.
Falling Wedge Pattern and Price Movement
The BTC/USDT 4-hour chart shows a falling wedge, formed by two descending converging trendlines. This pattern often signals weakening downward pressure. Traders monitor it for a potential bullish breakout.
After reaching a local high near $126,000, BTC began a corrective phase, creating lower highs and lower lows inside the wedge. This price action illustrates typical wedge behavior.
Bitcoin has recently hit the wedge’s lower boundary around $114,500 – $115,000. Support at that price triggered a bounce, with BTC now challenging the upper wedge resistance into about $116,940.
Support and Resistance Levels
Immediate support for BTC is around $115,000 – $114,500, aligning with the wedge’s lower trendline. This level has repeatedly provided buyers with entry opportunities.
Strong support exists at $113,110, which would act as the last defensive line should the wedge fail. This level has historical relevance for traders tracking BTC movement.
Resistance sits near $117,500 – $118,000 at the wedge’s upper boundary. A sustained breakout above this range could lead BTC toward $120,000 and higher short-term targets.
Whale Activity and Market Signals
A notable whale is reportedly buying $600 worth of Bitcoin every second, totaling around 450 BTC daily. This equates to over $52 million in daily transactions, signaling large-scale accumulation.
https://twitter.com/im_BrokeDoomer/status/1957459569363337382
CryptoBoss tweeted that BTC is attempting to break out from the falling wedge, highlighting a potentially bullish phase if the breakout is confirmed. Traders are closely watching for confirmation above $118,000.
The 24-hour trading volume for BTC is $37.5 billion, reflecting a modest 0.46% price increase. Despite a weekly decline of -2.49%, the market continues to react to these technical patterns and large-scale purchases.
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