Bitcoin News Today: Bitcoin Holds Above $117,400 Support with 0.28% Gain, Eyes $120,250 Breakout

Bitcoin has maintained position above the $117,400 support level, with technical indicators and institutional activity suggesting continued bullish momentum. The cryptocurrency’s ability to form higher lows in recent trading sessions has reinforced its upward trend, while key resistance levels at $120,250, $123,300, and $131,000 remain critical for gauging the next phase of price action [1]. Analysts highlight that sustained buying pressure at current levels could trigger a rally toward the $131,000 target, provided the $120,250 threshold is breached [1].

Technical analysis from Ali Charts underscores Bitcoin’s consolidation between $116,000 and $120,000, with the price currently trading at $118,749—a 0.28% increase on the day. The 0.618 Fibonacci retracement level at $117,247 acts as immediate support, while the RSI at 65 on the daily chart indicates ongoing bullish momentum. However, the MACD’s recent negative turn signals caution for short-term traders [1]. CoinMarketCap data reveals a 0.45% decline in daily trading volume to $70.99 billion, though the volume-to-market cap ratio remains at a healthy 3.1%, supporting liquidity [1]. The fully diluted valuation has reached $2.49 trillion, assuming a maximum supply of 21 million BTC [1].

Market dynamics are influenced by institutional behavior. Despite a $131 million ETF outflow reported by SoSoValue, long-term accumulation continues, with entities such as MicroStrategy and Trump Media increasing Bitcoin holdings. This activity reinforces confidence in BTC’s long-term trajectory [1]. The 100-day EMA near $110,597 further solidifies technical support, as Bitcoin has followed a defined trend over the past 2.5 years [1]. DaanCryptoTrades notes that maintaining position above $117,400 aligns with higher timeframe patterns that could drive the next upward move [1].

While short-term volatility remains a factor, the broader narrative points to a potential breakout. A sustained move above $120,250 would validate a new bullish phase, with resistance at $123,200 acting as an intermediate barrier before the $131,000 target. Analysts caution that a breakdown below $117,400 could shift the sentiment, though current indicators favor continuation of the uptrend [1].

Source: [1] [title: Bitcoin Holds Firm Above $117,400 Support, Here Are the Next Resistance Levels to Watch] [url: https://cryptofrontnews.com/bitcoin-holds-firm-above-117400-support-here/]