#Bitcoin Technical Analysis:
Bitcoin ($BTC ) continues to consolidate within a defined range between $116,000 and $120,000 following its new all-time high at $123,218 on July 14. After rebounding from the range support at $116,000 on Tuesday, the price was rejected at the resistance zone around $120,000, reinforcing the validity of this consolidation channel. As of Thursday, BTC is trading near $118,600, sitting mid-range.
A confirmed daily close below $116,000 would signal bearish continuation and expose the next major support at the 50-day EMA, currently positioned at $111,269. This level may act as a dynamic support zone in the event of further downside pressure.
