Bitcoin is currently at a crucial juncture. The cryptocurrency has approached the resistance zone between $116,500 and $117,000 but has yet to break through this barrier. This range has served as a significant ceiling in recent trading sessions.
Resistance Remains Firm
Following its surge from $113,000, Bitcoin has been experiencing consolidation. An earlier breakout from an ascending triangle pattern indicated that the $116,500–$117,000 range would be the first major challenge. While Bitcoin has reached this level, it is finding it difficult to secure a definitive close above it.
If Bitcoin manages to surpass this area with strong confirmation signals, the next target will likely be around $120,000 and eventually towards its all-time high near $124,000.
Key Support Levels
Despite facing resistance levels, the overall trend remains positive in the short term. The 3-day MACD indicator is approaching a bullish crossover point—historically known for signaling upward momentum reliably. On the downside risk side of things, support holds steady at around $113,000–$113,500; if there’s a more significant pullback anticipated further support can be found between $106,700 and $107,600.
Liquidity clusters are forming both above and below current price levels. Heatmap analysis indicates substantial liquidation points near $116,900 which suggests another test of resistance may occur soon. Conversely though liquidity around the vicinity of $1100 could draw attention if selling pressure escalates; however such scenarios seem less probable given today’s bullish market structure.
The Future Outlook for Bitcoin
The market continues on an upward trajectory overall suggesting that we might see some consolidation or retests near the level of approximately 117k before any potential breakout occurs ahead! If successful in breaking out past these resistances we could see prices rallying towards hitting that coveted milestone of reaching back up toward 120k bringing us closer than ever again to record highs!