Bitcoin May Face Sideways Trading or Potential Correction Amid Resistance Near $119,500

Key Points

1. Bitcoin (BTC) has declined by 0.11%, trading around $118,301, confined within a support level near $116,594 and resistance at approximately $119,682.

2. The Average True Range (ATR) indicator suggests sideways trading is likely, with potential for a correction towards the $112,000 to $114,000 range.

3. The broader cryptocurrency market is showing robust gains, contrasting with Bitcoin's slight pullback.

4. Traders and investors are advised to monitor key support and resistance levels and stay informed through reliable platforms.

5. Bitcoin's recent bounce off the $119,482 resistance level indicates potential mid-term correction risks if the weekly candlestick closes significantly below this threshold.