- Bitcoin price faces tough resistance at $124,000, consolidating between $109,000 and $124,000.
- Strong support at $109,000 keeps Bitcoin in range, but a break could signal major price movement.
- Bitcoin price’s next move hinges on breaking $124,000 resistance or slipping below $109,000 support.
Bitcoin price is facing strong resistance around $124,000, struggling to maintain momentum above it. This has led to a consolidation phase, with Bitcoin hovering just above the $109,000 support, signaling market indecision
Bitcoin Price Faces Strong Resistance at $124,000, Consolidation Continues
Bitcoin price is currently facing resistance at the $124,000 level, which it has struggled to break above. Despite several attempts, Bitcoin price has not been able to maintain levels above this threshold, indicating a lack of bullish momentum. Analyst Crypto Seth notes that the cryptocurrency is consolidating between $109,000 and $124,000, with support holding at $109,000, suggesting that buyers remain active at this level.
Source: Crypto Seth/X
Bitcoin price will probably remain in this range until it breaks conclusively above 124,000. Breaking out above $124,000 might indicate an upward trend toward higher targets such as $130,000 or $135,000, whereas failure to break this resistance might result in a pullback, potentially down to levels of around $105,000 or $100,000. These will be the levels traders will target when determining the next direction of Bitcoin price.
Bitcoin price is now testing the critical support level of $109, 000 which has previously recorded high buying interest. Analyst Ali_charts suggests that failure by the Bitcoin price to remain above this point may be a sign of additional weakness, and that the price may decline as low as the support areas of $106,000 and $104,000. A decline below the levels may start a stronger bearish trend in the market.
Source: Ali_charts/X
At the moment, Bitcoin price is in consolidation, ranging between $109,000 and $124,000. This is the range that is important in determining the next move of Bitcoin. A breakout above $124,000 could initiate a bullish trend, while a drop below $109,000 could lead to further downside. Until a clear breakout or breakdown occurs, the Bitcoin price is likely to remain within this range.
