Bitcoin News Today: Bitcoin Consolidates Near $120,000 as ETF Inflows Surge 520%

Bitcoin's price action has been signaling a potential consolidation phase as it struggles to break above key resistance levels near $120,000. Recent attempts to surpass this level have been met with selling pressure, indicating a phase of price consolidation. Despite this, sustained inflows into BTC exchange-traded funds (ETFs) show continued investor confidence in the cryptocurrency’s long-term prospects. The inflows into US-based BTC ETFs have totaled over $799 million in a single day and exceeded $5.2 billion since early July, highlighting robust institutional demand.

Technical indicators suggest that Bitcoin may trade sideways between $115,000 and $123,218 before a decisive breakout occurs. Analysis of the 4-hour BTC/USDT chart reveals a flattening 20-day exponential moving average (EMA) and a relative strength index (RSI) hovering just above the midpoint, both classic signs of range-bound market behavior. The current price action suggests that Bitcoin may oscillate between the support level near $115,000 and resistance around $123,218 in the short term. Traders should monitor these boundaries closely, as a decisive break could signal the next directional move.

On the downside, the $110,530 support level is pivotal. A breach below this point could shift market control to the bears, potentially leading to a deeper correction toward $105,000. Conversely, a rebound off the 20-day EMA near $113,528 would reinforce bullish momentum and set the stage for renewed attempts to break above resistance. Maintaining this support is essential for bulls aiming to resume the uptrend toward $135,729 and beyond.

Investor sentiment remains cautiously optimistic, bolstered by continuous ETF inflows and the absence of significant sell-offs. Market participants appear to be positioning for a potential breakout while respecting the current consolidation range. This period of sideways trading may serve as a healthy pause, allowing Bitcoin to build strength for future gains. Close attention to volume and volatility metrics will be crucial for anticipating the next major price movement.

Bitcoin's price has been fluctuating around the $120,000 mark, with bulls actively defending key support levels. The immediate support is seen around $113,058, a critical level for bulls to maintain. Bitcoin has been trading sideways between $115,000 and $120,000, indicating market indecision ahead of potential catalysts. At one point, Bitcoin slipped to the $114,000 level, testing support, but bulls have been successful in defending these levels. The price has since crossed the $119,000 benchmark and is currently trading around this level. Analysts predict that Bitcoin may continue to range between $117,000 and $120,000 in the near term. The market's focus is on whether bulls can sustain this range and potentially push the price higher, or if bears will take control and drive the price lower. The defense of the $113,000 support level will be crucial in determining the short-term direction of Bitcoin's price.