In recent days, Bitcoin's price has held above the support level of $117,400, demonstrating active trader interest amid rising trading volumes.
Current State of the Bitcoin Market
Bitcoin's price fluctuated between $117,201 and $119,310 before settling at $118,440. This suggests that traders are awaiting the next move as the market consolidates near the support trendline.
Key Indicators Show Mixed Signals
The Relative Strength Index (RSI) stands at 62.41, remaining above neutral. Despite the MACD displaying a bearish crossover, both lines stay above zero, indicating long-term positive momentum.
Market Outlook and Potential Breakout
Should Bitcoin maintain above $117,400, it positions itself favorably for a breakout above $119,500. The next psychological target is $120,000, with potential to extend towards $131,000 if a breakout occurs with volume support.
All traders' attention is focused on trading volume and key technical indicators that will determine Bitcoin's next course outside the current consolidation range.
