Bitcoin continues to exhibit a sideways trading pattern, currently hovering near the $118,000 mark.
The cryptocurrency’s price action is confined primarily between the $116,000 support zone and the $119,000 resistance level over recent sessions.
Technical analysts note crucial short-term support resides at $117,888 on hourly charts, viewing this level as pivotal for determining whether prices might push higher or decline further. Simultaneously, significant attention is focused on the imminent weekly candle closure.
Market participants consider a close near the crucial $119,482 level vital for maintaining bullish momentum in the mid-term. A decisive deviation below this point raises the potential downside risk of a drop towards $112,000.
This consolidation phase underscores ongoing uncertainty between buyers and sellers, with trader focus intensely concentrated on these key technical thresholds. The market’s indecision reflects caution as participants anticipate potential shifts in Bitcoin’s price trajectory based on these technical breakpoints.