Bitcoin continues to show active growth at the 119K level, a critical resistance zone. This article analyzes the current market status and key levels.
Breaking Through Resistance
After a strong bounce at 115.7K, Bitcoin is once again testing resistance at 119.6K. The current price structure shows a series of higher highs and lows, with the SuperTrend indicator flashing green. If the price breaks above 119.6K, it may trigger a short squeeze, pushing Bitcoin toward the next resistance at 120.8K.
Key Levels to Watch
Bitcoin's immediate support lies between 118.4K and 118K, where buying activity has previously occurred. Levels 117.4K and 116K serve as secondary supports. Maintaining these levels is crucial, as a break could shift momentum back to the bears.
Trader Tips
Traders are closely monitoring whether Bitcoin can hold above 118K. A breakout above 119.6K would indicate a bullish continuation, while a drop below 118K could signal that the move has exhausted itself. The next few hours will be significant in determining future market actions.
Bitcoin is currently at a crucial stage where its further dynamics depend on behavior around support and resistance levels. Traders should watch for changes to make informed decisions.
