Bitcoin resistance at $120K hints at consolidation before impulse rally to $135K

Key Points

1. BTC is encountering selling pressure near $120,000, suggesting an upcoming consolidation phase.

2. US-based BTC ETFs recorded $799.4 million in inflows, with total inflows exceeding $5.2 billion.

3. Repeated failures to break above $120,000 could lead to a pullback toward the 20-day EMA at $113,528.

4. A rebound from the 20-day EMA may see another attempt to push BTC above the $120,000-$123,218 resistance zone, potentially targeting $135,729 and $150,000.

5. A drop below the $110,530 support could lead to a decline to $105,000, with buyers expected to defend the $110,530 level.

6. The 4-hour chart shows a possible range formation between $115,000 and $123,218, with the RSI indicating a neutral stance.