- Bitcoin price nears $130,000 resistance; a break above could trigger a rally, while a fall below $115,000 may signal a downturn.
- Bitcoin price action between $115,000 and $130,000 will determine its next major move, with $120,000 as a key pivot point.
- Support at $115,000 holds strong for Bitcoin; failure to maintain could lead to a deeper correction, while $130,000 is the next major barrier.
Bitcoin price action has seen significant shifts over the past few months, with the cryptocurrency breaking key resistance levels and sparking renewed interest from traders. As the price approaches critical zones, many are questioning whether Bitcoin can maintain momentum and break past the $120,000 mark.
Bitcoin Price Break $120K and Continue Its Bullish Momentum
Bitcoin price recently surged past significant resistance levels, including the $115,000 to $120,000 range, and tested the $130,000 level, where it is now consolidating. According to ZAYKCharts and the Wyckoff Method, the decreasing volume during this phase suggests a distribution phase, where larger institutional players may be unloading their positions at these higher levels.
This behavior typically signals a weakening of bullish momentum as the market enters a more range-bound environment.
Source: X
A breakout above $130,000 could signal the continuation of the uptrend, while a breakdown below $115,000 might lead to a deeper correction or the start of a Mark Down phase, according to the Wyckoff Method. With key support at $115,000 and resistance at $130,000, these levels are crucial in determining Bitcoin next move.
Traders are closely monitoring Bitcoin price action for signals that could confirm either a breakout or thestart of a downward correction. According to analyst CaptToblerone, a sustained move above the $130,000 resistance would likely reinforce the bullish trend, opening the door for even higher price levels.
On the other hand, a drop below the $115,000 support would raise the possibility of a deeper pullback and could signal a shift in market sentiment.
Source: X
As Bitcoin price navigates these key levels, its ability to break through $120,000 will be crucial in determining the next major price movement. If the $120,000 level holds as resistance, Bitcoin might face further consolidation. However, if it pushes through and holds above this level, the cryptocurrency could be on track to surpass the $130,000 barrier and potentially test higher targets in the near term.
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