Bitcoin News Today: Bitcoin Tests $120,000 Resistance Amid High Volatility

Bitcoin is currently in a critical phase, trading just below the $120,000 level after a significant breakout from a descending triangle pattern. Despite recent bullish momentum, the cryptocurrency is stuck in a high-stakes consolidation phase that could determine its next major move.

Bitcoin has made two unsuccessful attempts to sustain above the $120,000 mark, and is now testing this resistance level for a third time. This retest has become a crucial point for traders, as a failure here could trigger a significant shift in market sentiment. The price is currently fluctuating between $118,000 and $120,000, with bulls attempting to secure a strong position.

Data from CoinGlass indicates that this price range is surrounded by liquidity clusters, increasing the risk of volatility. Over $100 million in open interest is concentrated just below $117,000, forming a dense layer of long positions. A drop below this level could activate a wave of liquidations, accelerating losses and potentially driving Bitcoin down to the $110,000–$108,000 region.

Simultaneously, a resistance barrier has formed above $122,000, which could attract significant liquidity if bulls manage to push the price higher with substantial volume support. A confirmed breakout past $122,000 would mark a key technical shift, suggesting the potential for a broader move toward the $130,000–$135,000 range.

This makes the current price range one of the most sensitive trading zones in recent Bitcoin history. The market structure remains neutral but is charged with tension. A break above $122,000 could reignite bullish interest, while a failure to stay above $117,000 may reverse recent gains and lead to a broader correction.

The ongoing battle between buyers and sellers is unfolding in real-time, with liquidations possible on both sides. For now, the price action remains volatile, and any sharp movement could reshape the short-term outlook. Bitcoin's future is uncertain as traders prepare for a potential market shakeup.