Bitcoin prices are under pressure from key resistance and support levels, with recent fluctuations within a range. The current market situation requires close attention from traders.
Current Resistance and Support Levels
A recent analysis of the 4-hour Bitcoin chart revealed a resistance level in the **$118,500 – $119,000** range. Each rejection in this zone in late July and early August confirmed the difficulty of breaking through this level.
In mid-August, Bitcoin's price briefly surpassed **$120K**, but quickly reversed, displaying a **false breakout** before returning to support.
Current Price Dynamics
Currently, Bitcoin is trading around **$118,365**, showing resilience above the **200 SMA** and consolidating below the **50 SMA**. The RSI (49.10) is near neutral, signaling indecision in either direction.
Key levels to watch:
* **Support:** $117,500 (200 SMA) and the $116,000–$115,000 range. * **Major Support:** $112,142 and $111,350 if BTC experiences a sharp decline. * **Resistance:** The $118,600–$119,000 zone, followed by $120,000+.
Predictions and Trading Strategies
If Bitcoin closes decisively above **$119K–$120K**, a swift move toward **$122K+** could be anticipated. Conversely, if BTC fails to reclaim **$118,996 (50 SMA)** soon, a retest of **$117.5K** is likely, with the risk of deeper correction towards **$114K–$112K**.
With the tightening range, volatility is expected to return within days. Traders should prepare for either a breakout continuation or a support breakdown.
The current situation in the Bitcoin market requires careful monitoring of key support and resistance levels. The expected movement can yield profits or necessitate adjustments of strategies to minimize risks.
