Bitcoin Price Watch: $117.5K to $118K Consolidation Signals Tension Before Breakout

Key Points

1. Bitcoin's price is steady at $118,000, with a market cap of $2.34 trillion and 24-hour trading volume of $24.52 billion, indicating low volatility.

2. The 1-hour chart shows choppy consolidation between $117,500 and $118,500 after a rejection near $121,000, with reduced signal strength.

3. The 4-hour chart reveals a retracement from $123,236 highs and declining volume, suggesting buyer fatigue or indecision.

4. Key resistance is at $120,000, with a breakout above $120,500 potentially reinforcing a bullish trend, while a drop below $116,000 could lead to a deeper retracement to $108,000–$110,000.

5. Technical indicators like RSI (65), Stochastic (67), CCI (60), and ADX (28) reflect neutral market positioning, with moving averages mostly bullish except for a minor overextension in the short-term 10-period SMA.