Bitcoin (BTC) has reached a pivotal moment, successfully transforming a crucial horizontal support zone that once served as resistance. As momentum builds, attention is now directed toward the next significant challenge: the $117,000 resistance level. A clear breakthrough above this point would not only validate the ongoing rally but also pave the way for a potential surge to new all-time highs.
Daily Support Transition Affirms Bullish Momentum
In a recent market update from Alpha Crypto Signal, it was highlighted that BTC is demonstrating renewed vigor on the daily chart. The leading cryptocurrency has effectively converted an important horizontal area into support, showcasing increasing buyer strength in the market. This structural change is viewed positively by bulls and sets up further upward momentum.
With buyers firmly in charge, Bitcoin’s price movement is now pushing towards its previous swing high around $117,000. This level has become a critical barrier for bulls and represents an essential point where market sentiment could either extend gains or trigger profit-taking actions.
The analysis further indicates that if Bitcoin succeeds in surpassing $117,000, this threshold may transform into an appealing target for potential short positions. However, such strategies come with inherent risks since any decisive breakout above BTC’s all-time high would invalidate these setups.
For now, $117,000 remains a focal point of interest among traders. How Bitcoin behaves within this range will dictate whether it consolidates further or experiences rejection before making another upward move. For traders actively involved in the market, this level serves as a crucial juncture to assess possible entry and exit points as they prepare for subsequent major movements.
Bitcoin Faces Challenges Holding Above $116K
A recent post from Crypto VIP Signal indicates that while Bitcoin continues its ascent overall; it struggles to maintain stability above the $116K mark. This suggests that although there’s bullish sentiment prevailing in general trends; buyers have yet to fully conquer this notable obstacle.
The analysis from Crypto VIP Signal notes positive signs across the entire market; however,a brief slowdown can be anticipated due to reduced trading volume typically seen during weekends when activity among institutional investors tends to decline significantly.
Taking these factors into account,Crypto VIP Signal forecasts that Bitcoin may enter a phase of sideways movement soon.The consolidation period would allow participants time to absorb recent gains while building necessary momentum aimed at overcoming resistance at $116K once again.
Featured image sourced from Pixabay; chart data provided by Tradingview.com