Bitcoin News Today: Bitcoin Trapped in $117k-$120k Technical Stalemate as Buyers and Sellers Deadlock

Bitcoin’s price remains in a technical stalemate as buyers and sellers struggle to dictate the next move, with the cryptocurrency consolidating within a narrow range between $117,000 and $120,000. Over the past 60 minutes, Bitcoin traded between $117,922 and $118,020, reflecting minimal short-term volatility despite a $2.34 trillion market capitalization and $22.32 billion in 24-hour trading volume. The intraday range of $117,196 to $118,479 underscores a lack of directional bias, with both bulls and bears awaiting a catalyst to break the deadlock [1].

The 1-hour chart reveals a pronounced consolidation pattern between $117,200 and $118,500, marked by gradually declining volume, a sign of waning trader conviction. This sideways movement aligns with accumulation or distribution phases, where market participants await clearer signals. A breakout above $118,500 supported by increased volume could signal short-term bullish momentum, while a decline below $117,000 risks triggering a sell-off. Traders are advised to keep stop-loss orders tight, within a $200–$300 range, due to the choppy environment [1].

On the 4-hour chart, Bitcoin retreated from $120,297 to $114,518 before rebounding, forming a pattern resembling a bullish flag. However, the recovery lacks momentum, and the failure to reclaim $119,000 raises caution. A sustained move above this level is critical to confirm bullish continuation, while a drop below $117,000 could reignite downward pressure. The absence of significant buying volume further complicates the technical outlook, suggesting traders are hesitant to commit [1].

Longer-term analysis on the daily chart highlights Bitcoin’s broader uptrend from $98,240 to a peak of $123,236, followed by consolidation between $117,000 and $120,000. A notable red volume spike at the $123,236 peak points to potential profit-taking by institutional players. Immediate resistance remains at $123,000, with support anchored near $114,000–$116,000. A clean breakout above $123,500 with strong volume would validate further gains, whereas a breakdown below $114,000 would invalidate the bullish setup [1].

Oscillator readings reinforce a neutral-to-cautious stance. The RSI at 60, Stochastic at 38, and CCI at 33 all indicate equilibrium, while bearish divergence in the momentum indicator (-1,290) and MACD (2,217) hints at near-term downside risks. Moving averages offer a mixed signal: the 10-period EMA at $117,927 is bullish, but the 10-period SMA at $118,147 suggests bearish divergence. Shorter- and mid-term EMAs and SMAs (20–200 periods) maintain a bullish bias, acting as dynamic support levels near $114,000–$116,000 [1].

Bullish traders argue that Bitcoin’s consolidation above $117,000 and strong support from multi-period moving averages suggest the uptrend remains intact. A retest of $119,000 with renewed volume could pave the way for a push toward $123,000. Conversely, bearish analysts caution that the absence of momentum and bearish divergence in key indicators pose risks. A breakdown below $117,000 could trigger a deeper retracement toward $114,000–$116,000 or even lower if selling pressure intensifies [1].

The market’s indecision reflects broader uncertainties in the crypto sector, including regulatory developments and macroeconomic factors. Until external catalysts emerge—such as regulatory clarity or shifts in interest rates—Bitcoin’s price is likely to remain in a tight range. Traders are advised to monitor key levels and volume patterns to gauge potential shifts in sentiment.

Source: [1] [Bitcoin Price Watch: Neutral Technicals Leave Bulls and Bears in Deadlock] [https://news.bitcoin.com/bitcoin-price-watch-neutral-technicals-leave-bulls-and-bears-in-deadlock/]