Bitcoin continues to demonstrate bullish strength while holding above key support levels. Currently, the cryptocurrency is trading just below the $118,000 mark.
Major Support Zones Remain Firm
Bitcoin has maintained its position above two crucial support levels around $97,000 and $76,000. These zones have acted as historical pivot points over the past year. Trader Tony noted that he is holding a long position and is 'waiting patiently', reflecting confidence in the continuation of the current uptrend.
Technical Setup Signals Possible Breakout
Analyst Captain Faibik highlighted a descending wedge pattern forming on Bitcoin’s 4-hour chart, which typically indicates bullish sentiment. This pattern was reinforced by BTC’s rebound from the wedge's lower boundary. The price is now testing resistance near $118,800. Faibik emphasized that a confirmed breakout above this resistance could pave the way for a rally toward $125,000, representing a continuation of the broader macro uptrend.
Bullish Momentum Builds Above $117,000
As of press time, Bitcoin is trading at $117,624.24, reflecting a 1.44% gain in the last 24 hours. The asset rebounded from a low of $115,260, reinforcing the strength of current buyer interest. Analysts point out that maintaining levels above $117,000 keeps bullish sentiment intact. Traders are closely monitoring the $118,800 resistance zone, where a successful close could confirm Faibik’s wedge breakout pattern.
Bitcoin continues to strengthen above key support levels, drawing the attention of traders and analysts. If a breakout above $118,800 occurs, significant upward movement could follow.
