Bitcoin May Test $120,000 Resistance Amid Mixed Signals and Sideways Trading

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.