Bitcoin News Today: Bitcoin Faces Resistance at $120,000, Potential for 13.5% Rally to $135,000

Bitcoin (BTC) is currently experiencing a phase of consolidation as it encounters resistance at the $120,000 level. Despite this resistance, the bulls have demonstrated resilience, holding onto their positions in anticipation of the uptrend resuming. This consolidation phase is characterized by repeated attempts to cross above the $120,000 level, which have so far been unsuccessful. These failures could potentially trigger a deeper pullback toward the 20-day exponential moving average at $113,528. If the price rebounds from this level, the bulls may attempt to push the BTC/USDT pair above the $120,000 to $123,218 resistance zone, potentially initiating the next leg of the uptrend to $135,729 and eventually to the pattern target of $150,000.

On the other hand, the bears will need to pull the price below the $110,530 support level to gain control. If this occurs, the pair could plummet to $105,000. The 20-EMA has flattened out, and the relative strength index (RSI) is just above the midpoint on the 4-hour chart, indicating a possible range formation in the near term. The pair could trade between $115,000 and $123,218 for some time. If the price turns down and breaks below $115,000, the pair could drop to the neckline and later to the solid support at $110,530. Buyers are expected to fiercely defend the $110,530 level because a break below it may tilt the short-term advantage in favor of the bears. The first sign of strength on the upside will be a break above $120,064. The pair may then retest the all-time high at $123,218.

The current technical charts suggest that Bitcoin could remain range-bound for an extended period. However, the bulls' resilience and the potential for a break above key resistance levels indicate that an impulse rally to $135,000 is still possible. Investors should closely monitor the $120,000 resistance level and the $110,530 support level for clues about the direction of the next move. The bulls' ability to hold onto their positions and the potential for a break above key resistance levels suggest that an impulse rally to $135,000 is still on the table. However, the bears will need to pull the price below the $110,530 support level to gain control and potentially trigger a deeper pullback. The current technical charts suggest that Bitcoin could remain range-bound for an extended period, but the potential for an impulse rally to $135,000 is still possible. Investors should closely monitor the $120,000 resistance level and the $110,530 support level for clues about the direction of the next move.