🚀 $BTC consolidates at $117K after a slight rebound – consolidation or prelude to a rally?
Current Price and Technical Structure
Current price: $117,336
Intraday range: $117,268 – $118,519
Bitcoin is in a consolidation phase after reaching $120K. The price is moving within a symmetrical wedge, a structure that often precedes strong impulses.
Key Factors of the Moment
Positive weekly flows are observed towards spot ETFs, reinforcing the institutional bullish narrative.
The key support zone remains in the $116K–$117K area, with immediate resistance around $119K–$120K.
A prominent strategist projects a potential 25% increase towards $134K if BTC surpasses key technical levels like $114K–$115K.
Technical Level of the Day
Support: $116,000–$117,000
Resistance: $119,000–$120,000
Critical zone: A sustained close above $119K could accelerate the rise towards $122K–$123K. Conversely, a breakdown below $116K would open space for a correction towards $114K.
Institutional / Macro Outlook
The regulatory environment remains favorable with policies like the GENIUS Act, combined with increased institutional flows via ETFs, which reinforce the view of Bitcoin as a digital reserve asset. According to analysts from Deutsche Bank and other institutions, BTC could project towards ever-higher peaks if the current consolidation persists.
Do you think Bitcoin will break upward towards $122K tonight or will you see a new correction first?
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