Bitcoin maintains a bullish consolidation pattern above the critical $117,400 support level, trading within the $116,000 to $120,000 range. Technical analysis indicates potential for significant gains should key resistance levels be breached.
Current technical indicators reinforce market optimism. The Relative Strength Index (RSI) stands at 65 alongside bullish MACD signals, indicating sustained upward momentum. Daily trading volume reached approximately $70.99 billion, reflecting robust market participation.
A decisive breakout above the $120,250 resistance could initiate new rallies targeting subsequent barriers at $123,300 and the psychologically significant $131,000 level. Institutional players demonstrate confidence in Bitcoin’s long-term prospects despite recent volatility.
Major holders including MicroStrategy and Trump Media continue accumulating Bitcoin, countering a $131 million outflow from Bitcoin ETFs. The 100-day Exponential Moving Average near $110,597 provides reinforcing long-term support, establishing $117,400 as the critical short-term level to preserve bullish momentum.