Bitcoin Faces Critical Resistance Near $120,000 Amid Potential Short Squeeze and Market Uncertainty

Key Points

1. Bitcoin is testing the $120,000 resistance level, which could trigger a short squeeze if broken.

2. The $116,000 mark is a major liquidation zone and key support level, confirmed by moving averages.

3. Breaking above $120,000 with strong volume could push prices toward $125,000 or higher.

4. Failure to surpass $120,000 may lead to a retracement toward $116,000, with risk of further declines.

5. The 50, 100, and 200-day moving averages indicate a structurally bullish market, supporting price stability.