BTC reclaims $116K, breaking out of consolidation, while traders eye resistance at $120K and beyond.
Bitcoin surged past $117,000, staging a strong breakout after weeks of sideways consolidation. The move has sparked renewed optimism among traders, as the cryptocurrency holds firm above its $111K–$113K support zone, highlighted in green on the daily chart.
The latest rally follows a descending channel breakout, with bulls pushing BTC above $116K, an area that had capped recent attempts at recovery. Now, attention turns to the upper resistance zone around $120K–$122K, marked in red, where sellers previously defended strongly.
Should Bitcoin clear this level, analysts believe the door would open for a retest of all-time highs above $124K. On the downside, failure to maintain momentum could send the price back toward the green demand zone near $111K, with further downside risks toward the $98K–$102K range if support weakens.
“Bitcoin’s ability to hold above $115K is a bullish signal, especially given the prior breakout from a falling channel,” According to BITX market strategist. “If volume confirms, we could see another attempt at $120K in the coming sessions.”
The breakout has coincided with heavy short liquidations, boosting buying momentum. Analysts suggest that bears betting against BTC above $115K were caught off guard, fueling additional upside pressure.
“The $120K zone remains a psychological and technical barrier, but sustained strength above $116K shifts the bias firmly in favor of buyers,” According to BITX
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.