Bitcoin Critical Moment: Will the $120K Barrier Ignite a Massive Surge?

• Bitcoin trades at $118,173 and stays range-bound between strong support at $115K and resistance at $120K.
• A breakout above $120K could lead to a rally toward $130K while a dip below $114K may trigger a decline.
• RSI is neutral at 51.63 and MACD shows weak signals as traders reduce exposure and wait for confirmation.

Bitcoin is currently trading at $118,173. It has declined by 0.19% over the past 24 hours. It trades at a daily volume of $63.28 billion. The weekly performance rises slightly by only 0.05%. The price has been kept within a narrow range. Traders await a break or breakdown in order to take major positions.

Source: CoinMarketCap

Bull Flag Signals Possible Breakout

Crypto analyst Crypto Patel highlighted a bull flag on the 4-hour chart. A breakout above the $120,000 mark may move the price towards the $130,000 or more. In case of rejection, Bitcoin would drop to $114,000. A slight decline to under $114,000 would cause a break of the bullish trend. It might result in further deterioration.

Source: X

Another analyst, FOUR Crypto Spaces, mentioned that Bitcoin is trading in a clear range. The price is close to the resistance of around $120,000. There is support at $115,000. A breakthrough of resistance can initiate bullish momentum. A broken support signals a longer correction.

Source: X

The Relative Strength Index (RSI) stands at 51.63. It exhibits neutral momentum. The price indicates a relative equilibrium between buying and selling. There is no evident trend. MACD reflects early indications of a change. The MACD line was -1.22. The signal line stands at -74.61. The value of the histogram is 73.39. This indicates poor bear pressure. The bullish crossover is not yet confirmed.

Source: TradingView

Also Read: Bitcoin Surges as IBCI Signals Bullish Momentum: What’s Next?

Bitcoin Market Activity Drops

CoinGlass data shows less market activity. The volume declined by 8.02% to $63.32 billion, and the open interest declined by 1.54% to $83.53 billion. Funding rate is slightly positive at 0.0107% with a mild bullish bias. Traders are being wary, less levered and little momentum to the upside or downside.

Source: CoinGlass

Bitcoin is finding resistance slightly below major resistance. A breach in price of over $120,000 is necessary to extend further up. In the event of a breakdown, it would probably retest again at $114,000. Support at that point would be breached, causing momentum to go down.

Also Read: Bitcoin Strategy Strengthens: Metaplanet Now Holds Over ¥253B in Bitcoin