Bitcoin (BTC) is currently trading near the $119,300 level, navigating macroeconomic headwinds stemming from ongoing trade tensions between the European Union and the United States.
EU diplomats recently reaffirmed their commitment to implement anti-resolution measures. Concurrently, US Treasury Secretary Besent emphasized conditions necessary for tariff reductions, contributing to market uncertainty.
Technical analysis identifies the $120,800-$121,200 price range as a critical zone presenting significant short-term liquidation pressure. Conversely, robust support is established at the $117,000 level. A decisive breach below this support could signal heightened downside risk for the leading cryptocurrency.
Market analysts are recommending a range-bound trading strategy between $117,000 and $121,200 under current conditions. They note that a sustained breakout above $121,800 would serve as a potential bullish indicator.
Caution is advised, as failure to maintain price above the $116,500 threshold suggests increased liquidation risks, warranting a defensive approach from traders.