Bitcoin continues to trade within a small range, raising expectations for a market breakout.
Current Price and Fluctuation Range
As of 13:50 UTC, Bitcoin is trading at $118,520, reflecting a minor loss of 0.09% from the day's peak at $119,273.36 and a low of $117,103.10.
The symmetrical triangle structure on the charts indicates price consolidation, which can lead to a potential breakout.
Support and Resistance Levels
The key resistance area is between $118,800 and $119,300. A breakout from this range could lead an increase to $119,800 or even $120,500. Conversely, an important support level near $118,000 could result in further losses towards $117,500 and $117,100 if broken.
Future Outlook
The price of Bitcoin is fluctuating as buyers and sellers fight for control near the top of the triangle. Volume analysis shows decreased activity, indicating that traders are waiting for a clear move. A strong breakout above $118,800 could imply a market upturn, while a breakdown below $118,000 could indicate a downturn.
As the pattern gets closer to completion, market participants expect increased volatility. Traders are advised to monitor breakout levels to prepare for the next significant move.
