Bitcoin is currently consolidating near the $120,000 level, trading within a critical range between the $115,961 20-day Simple Moving Average (SMA) and a resistance zone between $120,000 and $123,218. Market analysts suggest a decisive close above $123,218 resistance could propel Bitcoin toward $135,729, with potential to advance further to $150,000.
Recent capital outflows from US-based spot Bitcoin ETFs, totaling approximately $285.2 million, signal investor caution. Despite these movements, Bitcoin’s price resilience remains evident as it continues to hold above the $115,000 support level.
Technical indicators reveal an inverse head-and-shoulders pattern on daily charts, hinting at a bullish reversal. Sustaining the position above $115,000 reinforces this outlook. Conversely, a drop below the 20-day SMA would signal potential weakness, potentially driving prices toward the $110,530 support level.
The 4-hour chart shows buyers and sellers in temporary equilibrium within the current trading band. A breakout above $123,218 could ignite renewed buying momentum, while failure to hold $115,500 may accelerate downward pressure. The ongoing battle between resistance at $120,000 and support near $115,000 could soon resolve upward, setting the stage for a test of the $135,000 target.