Bitcoin Faces Resistance Near $119K Amid Liquidations and Market Share Shifts, Analysts Suggest Cautious Outlook

Key Points

1. Bitcoin’s price declined sharply to $117,914 due to liquidations in a high-leverage zone between $118,000 and $119,000.

2. The 24-hour liquidation heatmap shows dense clusters of long positions vulnerable to liquidation in the $118K-$119K range, with strong resistance between $120,000 and $120,600.

3. Market momentum is shifting from Bitcoin to Ethereum and altcoins, with Bitcoin’s dominance dropping by 4.98% over the past month and Ethereum’s market share increasing by 2.98%.

4. A decisive break above $119,500 is critical for Bitcoin’s next rally phase, potentially triggering a move toward $135,000.

5. Improving macroeconomic signals from the Federal Reserve could enhance risk appetite and support Bitcoin’s price in the near term.