Is Bitcoin Poised to Surpass the $120K Mark? A Price Exploration

Bitcoin is currently in a consolidation phase, hovering just below the $111K level. Despite this pause, the broader market outlook remains bullish. Bitcoin's value has been oscillating between support at $109K and resistance at $111K.

To push past the $120K mark, increased buyer activity is needed. On the other hand, a failure to maintain the $109K level might lead to a significant correction, potentially reaching the $100K support zone. Despite reaching a new all-time high, long-term holders appear to be holding onto their assets, showing strong confidence in the continuation of the uptrend.

As long as this group does not exert significant sell pressure, the path remains open for Bitcoin to push toward new highs in the mid-term.