The following analysis of Bitcoin's price examines the current market situation and key support and resistance levels.
Current Market Situation for Bitcoin
Bitcoin continues to face pressure at the $120,000 level, which may signal an upcoming phase of consolidation. Despite this, bulls are holding their positions, indicating a potential resumption of the uptrend. According to Farside Investors, US-based Bitcoin exchange-traded funds recorded $799.4 million in inflows on Wednesday, marking the tenth consecutive day of positive inflows. Over $5.2 billion has been invested in these ETFs since July.
BTC Price Movement Forecast
Buyers attempted to resume the uptrend, but the long wick on the candlestick indicates that bears are defending the $120,000 level. Repeated failures to establish prices above this level could result in a deeper pullback to the 20-day exponential moving average at around $113,528. If the price rebounds from this level, bulls will attempt to push the BTC/USDT pair above $120,000 towards the $123,218 resistance zone. If successful, this could trigger the next leg of the uptrend towards $135,729 and a target of $150,000.
Conclusions and Possible Scenarios
Bears need to pull the price below the $110,530 support level to seize control of the market. In this scenario, the pair could drop to $105,000. The first sign of strength on the upside will be a break above $120,064, opening the possibility for a retest of the all-time high at $123,218. Monitoring these levels will be crucial in the near future.
Bitcoin is in wait for further scenarios, and upcoming resistance and support levels will be key in determining market direction.
