Bitcoin News Today: Bitcoin Holds $114K Amid $123K Resistance and Mixed Momentum Signals

Bitcoin remains consolidated above the $114,000 level following a bounce from recent highs, with traders closely watching the $123,182 resistance as a key target for potential further gains [1]. The Relative Strength Index (RSI) currently sits at 47.25, suggesting a period of balanced momentum without clear overbought or oversold conditions [1]. This has left the market in a wait-and-see mode, anticipating stronger buying signals to confirm a sustained breakout.

The price action reflects a broader uptrend that has been developing since late 2020, supported by a green trendline connecting multiple cycle lows [1]. A cup-shaped pattern formed between late 2020 and early 2021 has now evolved into a bullish channel, with price action showing renewed strength into mid-2025 [1]. However, the recent bounce appears relatively weak, and the market is divided on whether this will translate into stronger momentum or fade under pressure.

Traders are also observing a completed flag pattern from July 2025, followed by a move toward the all-time high (ATH) zone. The current consolidation phase appears less volatile compared to earlier cycles, raising questions about whether the same strength will emerge [1]. TommyJR, a noted trader, has highlighted that the current yellow pattern is “nearly dead,” indicating a possible weakening in the bullish impact that once characterized prior moves [1].

A failed breakdown attempt toward $92,000 in recent weeks has provided a temporary floor, with the red X on the chart aligning with the green trendline. If Bitcoin were to break below this level, it would risk invalidating the ongoing uptrend [1]. On the other hand, increased volume near breakout zones could push BTC toward $132,000, reinforcing the bullish scenario.

Volume data near the ATH breakout range shows a 3.15 million bar, a level that could act as confirmation for sustained upward movement. However, if trading volumes fall below the earlier 2.57 million range, the rally may struggle to maintain its momentum [1]. As Bitcoin holds $114K, the market is now focused on whether the recovery can gain enough strength to challenge $123K, or if it will eventually retreat toward the $108K range.

Source: [1] Bitcoin Holds $114K as RSI Nears 47 with $123K Resistance in Sight (https://cryptonewsland.com/bitcoin-114k-as-rsi-nears-47-123k-resistance/)