Bitcoin News Today: BTC consolidation near $115K-$120K signals possible $135K surge

Bitcoin’s recent trading pattern has drawn attention as data and analysts suggest the cryptocurrency may be on the verge of a significant price move. The asset has been consolidating within a narrow range between $115,961 and $120,000, with technical indicators hinting at a potential breakout. According to market observers, a sustained move above key resistance levels could propel BTC toward $135,729 and beyond, while a breakdown would likely trigger a pullback to $110,530 [1].

The 20-day simple moving average (SMA) currently sits at $115,961, acting as a dynamic support level. The relative strength index (RSI) remains in positive territory, suggesting upward bias despite recent volatility [1]. A critical test will come if buyers can push the price above $120,000–$123,218, a zone that, if breached, could reignite the uptrend. Historical price action in such consolidation phases often sees a continuation of the prior trend once the range is decisively broken [1].

However, caution persists among investors, as evidenced by $285.2 million in net outflows from U.S.-based spot ETFs over three days, per Farside Investors data [1]. This outflow underscores short-term uncertainty, though the inability to drop below $115,000 has limited bearish momentum. The 4-hour chart reveals a flattening of moving averages and an RSI near the midpoint, indicating a balance between buyers and sellers. Analysts note that tight consolidation near record highs typically reflects strong demand, as holders avoid selling during uncertain periods [1].

A successful break above $123,218 would be a pivotal moment. Such a move could trigger a surge to $135,729, a level not seen since the 2021 peak, and eventually $150,000. Conversely, a close below the 20-day SMA would signal waning bullish control, with $110,530 as the next critical support. A breakdown below this level could tilt the balance to bears, potentially extending the decline further [1].

Institutional developments also add context to the current environment. Société Générale’s recent initiative to facilitate trading in 21Shares’ Bitcoin and Ethereum ETPs highlights growing institutional infrastructure for crypto assets [4]. While this does not directly influence price action, it reflects broader acceptance and could indirectly support liquidity as major moves unfold.

The technical setup aligns with a pennant pattern, a consolidation formation often preceding sharp breakouts. Traders using this framework typically anticipate a move in the direction of the prior trend—here, upward—once the pattern resolves [2]. The current equilibrium suggests that both bulls and bears are testing levels without decisive action, but the proximity to psychological resistance at $120,000 amplifies the likelihood of a directional shift soon.

Market participants are advised to monitor key levels closely. A sustained close above $123,218 would validate the bullish case, while a breakdown below $115,500 could accelerate selling pressure. Institutional activity and volume dynamics will be critical in confirming the direction of the move.

The analysis underscores that while forecasts point to a potential surge to $135K, actual market behavior will determine the outcome. Investors are urged to conduct independent research, as all trading involves risk.

Source: [1] [Bitcoin Consolidation Expected to End with Impulse Move to $135K](https://coinmarketcap.com/community/articles/68827cd1747ff0612d594ae3/)

[2] [BTCUSD - Bitcoin Consolidation Expected to End with Impulse](https://mx.advfn.com/bolsa-de-valores/COIN/BTCUSD/crypto-news/96493582/bitcoin-consolidation-expected-to-end-with-impulse)

[4] [BTCUSD - Société Générale to Make Markets in 21Shares](https://mx.advfn.com/bolsa-de-valores/COIN/BTCUSD/crypto-news/96491184/societe-generale-to-make-markets-in-21shares-bitco)