The recent Bitcoin has been a bit of a "struggle" — the price is about to break through $116,200, but it seems like it's just a "step away," and it hasn't managed to get past it. Currently, BTC is overall in a sideways consolidation state; it looks like it's ready to surge, but it may actually need to sway a bit first.

In fact, since the price of $115,500, Bitcoin has started to retrace, and the current price has fallen below $114,000, remaining under the 100-hour moving average, which looks a bit challenging from a short-term technical perspective.

On the hourly chart, a bearish trend line has now been drawn, and the current resistance level is around $114,400 (data source: Kraken exchange). If it can't break this line, the market may continue to consolidate or even experience a slight dip in the short term, with a possibility of testing $112,500.

Of course, if BTC can break through the key resistance area of $115,500 in one go, it is very likely to restart the upward momentum and continue to attack above $116K!