Bitcoin News Today: Bitcoin Rises 1.06% to $118,698 Amid Market Consolidation

Bitcoin (BTC) has shown a notable recovery, with all top 10 coins now in the green zone. The price of BTC has increased by 1.06% since yesterday, currently trading at $118,698. On the hourly chart, BTC made a false breakout of the local resistance at $119,239. However, if the daily bar closes near this mark, it could signal an imminent test of the $120,000 area.

On the daily time frame, the price of BTC is within yesterday's candle, indicating that neither bulls nor bears are currently dominating the market. This lack of clear direction suggests a period of consolidation, with the price likely to remain within the range of $117,000 to $120,000. The volume is decreasing, further confirming the absence of strong market forces on either side.

From a mid-term perspective, the weekly bar closure in relation to the $119,482 level is crucial. If the candle closes far from this level, sellers may gain the upper hand, potentially leading to a correction down to the $112,000 mark. This scenario underscores the importance of monitoring weekly closures for insights into potential market movements.