Bitcoin News Today: Bitcoin Stuck in $117,583–$119,197 Range with 0.5% Weekly Loss as Support Holds

Bitcoin’s price remains confined within a narrow trading range, hovering just above the critical $117,583 support level while failing to breach resistance at $119,197. The asset has registered a 0.5% weekly decline, yet sellers have struggled to push prices below its short-term support, reinforcing its role as a defensive threshold for bulls. The 24-hour price range remains tightly compressed, with Bitcoin trading near the midpoint at $117,844, reflecting market indecision and a lack of directional bias [1].

The $117,583 level has consistently absorbed selling pressure, with each retest showing diminishing downward momentum. Analysts note that the medium-term trend remains intact as long as Bitcoin stays above this threshold, though repeated challenges could eventually erode its resilience. A breakdown below $117,583 would likely trigger a retest of the $111,000–$108,000 range, a prior accumulation zone this quarter. However, the current equilibrium suggests buyers are maintaining control in the immediate term [2].

Resistance at $119,197 continues to act as a ceiling, capping upward movement despite multiple attempts to break through. Price action has repeatedly closed beneath this level, with bullish momentum failing to generate sufficient force for a decisive breakout. Traders are closely monitoring whether the consolidation will resolve into a directional move or persist in range-bound trading. The tight 24-hour range—coupled with minimal new catalysts—has led to muted volatility, encouraging a wait-and-see approach among participants [3].

Market dynamics highlight a tug-of-war between buyers and sellers, with neither side asserting dominance. The equilibrium is underscored by Bitcoin’s proximity to the midpoint of its established range, where advances toward resistance and pullbacks toward support are met with equal restraint. Analysts caution that prolonged indecision could signal a loss of conviction among either buyers or sellers, potentially leading to a sharp directional shift.

Crypto commentator @cryptodoc_ emphasized the significance of the $117,583 support level, warning that a breach would heighten the risk of a retest in the $111,000–$108,000 range. This sentiment aligns with broader market observations, as traders await clearer signals to determine the next phase of price action [4].

Source: [1] [Bitcoin Stuck in Tight Range at $117.8K as Bulls Defend Support, Momentum Cools Near Resistance] [https://cryptonewsland.com/bitcoin-stuck-in-tight-range-at-117-8k-as-bulls-defend-support-momentum-cools-near-resistance/]

[2] [Bitcoin Stuck in Tight Range at $117.8K as Bulls Defend Support, Momentum Cools Near Resistance] [https://cryptonewsland.com/bitcoin-stuck-in-tight-range-at-117-8k-as-bulls-defend-support-momentum-cools-near-resistance/]

[3] [Bitcoin Stuck in Tight Range at $117.8K as Bulls Defend Support, Momentum Cools Near Resistance] [https://cryptonewsland.com/bitcoin-stuck-in-tight-range-at-117-8k-as-bulls-defend-support-momentum-cools-near-resistance/]

[4] [Bitcoin Stuck in Tight Range at $117.8K as Bulls Defend Support, Momentum Cools Near Resistance] [https://cryptonewsland.com/bitcoin-stuck-in-tight-range-at-117-8k-as-bulls-defend-support-momentum-cools-near-resistance/]