Bitcoin climbed 1.3% over the past 24 hours to reach $118,592, continuing its consolidation near significant technical barriers. The asset is actively testing the $118,500 resistance level, a threshold traders consider pivotal for sustaining bullish momentum.
A decisive breakout above this barrier could propel Bitcoin toward the $120,000 psychological milestone. Market analysts note that surpassing $123,236 would signal uncharted territory for BTC, potentially triggering new all-time highs amid heightened trading activity.
Traders are closely monitoring these resistance zones for entry opportunities, as prevailing sentiment suggests sustained upward potential. The short-term market outlook remains optimistic, with multiple indicators pointing toward continued appreciation in Bitcoin’s valuation.