Will the price of Bitcoin soar to $123,000 or plummet to $112,000? The price of Bitcoin (Bitcoin-BTC) is currently experiencing a decline of about 1% in the last 24 hours at $117,000, with a market cap of $2.32 trillion and total daily trading volumes of $73 billion, as the price continues to establish itself above the strong support level of $116,000 formed in recent days.

As shown in the price movement chart below over a two-hour range, a narrow wedge pattern is typically forming, which often precedes a strong breakout in either direction. The simple moving average over the last 50 trading periods in the two-hour range (SMA-50) - currently stable at $117,462 - acts as a barrier preventing further upward movement, as the recent trading candles with extended wicks in both directions indicate clear hesitation and confusion among buyers and sellers. While the Relative Strength Index (RSI) reading has rebounded from the overbought range to stabilize at 51, the MACD indicator's path has begun to stabilize after a concerning decline, suggesting that both are hinting at an imminent change in momentum.$BTC