Bitcoin price prediction for this week: Coiling tight, primed for a breakout?

Key Points

1. Bitcoin is currently in a tight consolidation phase, holding steady at $119,462, just 2.12% off its all-time high.

2. The longer BTC remains near the top without a breakout, the higher the likelihood of a local deviation, with historical patterns from January serving as a reference.

3. Key downside targets include a $30.8 million long cluster at $118,125 and additional liquidity pockets around $116k, totaling roughly $80 million.

4. Market sentiment, as indicated by the Greed Index rolling back to 67 from 70, suggests a cautious but still elevated outlook.

5. BTC appears to be absorbing sell pressure, potentially turning the $116k-$120k range into a support base for a future upward move.