Bitcoin May Test $120,000 Resistance Amid Mixed Signals and Sideways Trading
Main Idea
Bitcoin is trading steadily near $119K with potential to test $120,000 resistance, while altcoins show selective strength amid market uncertainty.
Key Points
1. Bitcoin (BTC) experienced a slight decline of 0.36% over the past 24 hours, currently trading around $119,122.
2. BTC is consolidating within a broad channel, bounded by support at $115,226 and resistance near $123,236.
3. A close at or above the $119,482 level could signal a move toward new all-time highs, while failure to maintain this level may indicate further downside.
4. Altcoins are showing selective strength despite overall market pressure, indicating a market in equilibrium awaiting a catalyst.
5. Market factors influencing Bitcoin’s trajectory include regulatory developments and institutional adoption rates.
Description
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