Recently, Bitcoin has been fluctuating around the $112,000 support level, while traders watch its potential rise to $120,000.
Bitcoin Support at $112,000
Bitcoin is currently trading around $112,800, with a daily trading volume of $45.26 billion. Over the past 24 hours, the asset has dropped by 2%, while the weekly performance shows a 2.62% decline. The $112,000 level is viewed as crucial support. Analyst Ali stated, *"Holding $112,000 is all that's needed for a rebound back to $120,000."*
Resistance Levels and Their Implications
Bitcoin is facing immediate resistance near $117,600, which could hinder upward movement. A breakout above this point may pave the way for another attempt to reach $120,000. If the support is not maintained above $112,000, a drop to the $111,000–$110,500 range could occur.
Whale Activity and Market Reaction
Recent whale activity shows significant movements in the market. A major wallet transferred approximately 24,000 BTC, leading to a $4,000 crash. However, this whale still holds around 152,874 BTC, indicating ongoing influence over the market.
Amid recent fluctuations and sales, the $112,000 support level remains crucial for Bitcoin's next movements, as traders continue to monitor the situation.
