Bitcoin price outlook: Long-term $120k trendline test could define Q3
2025-07-03 17:02:53
Main Idea
Bitcoin is approaching a critical resistance level at $120,000, which could determine its long-term price direction, with potential outcomes being a breakout to new highs or a retracement to $73,000 support.
Key Points
1. Bitcoin is nearing a historically significant resistance level at $120,000, a trendline that has capped prices since 2021.
2. The $120,000 level was first established in April 2021 during the previous bull market and was tested again in December 2024, resulting in a rejection.
3. A decisive breakout above $120,000 on strong volume could signal a move to new all-time highs, while failure to break through may lead to consolidation or a pullback to $73,000.
4. The coming weeks are pivotal for Bitcoin's long-term direction, with the $120,000 level acting as a make-or-break inflection point.
Description
Bitcoin is nearing a historically significant resistance level at $120,000. This multi-year trendline has capped price since 2021, making the coming wseeks pivotal for BTC’s long-term direction. Bitcoin’s ( BTC ) price is inching toward a major high time frame resistance level that has historically dictated market tops and key reversals. This dynamic resistance, in play since April 2021, is once again being tested after two significant rejections over the past few years. With price action now pu...
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