Are Bitcoin Bulls on Edge as BTC Price Fails to Gain $120K Resistance?

3 mins mins

Key Insights:

Bitcoin faces resistance at $120K, with support zones at $115.7K and $111K under close watch.
Traders show caution as BTC consolidates below all-time high, awaiting breakout or deeper pullback.
Market sentiment is neutral as BTC price movement stalls, prompting focus on short-term support levels.

Bitcoin (BTC) is trading just below its all-time high, and traders are closely watching its next move. After failing to break through the $120,000 resistance level, some market participants are starting to question the strength of the current rally.

Lennaert Snyder, a crypto analyst, pointed out that Bitcoin failed to gain key $120,000 resistance again. This resistance level has now become a critical barrier for further upside. With the resistance at $120K holding firm, attention has shifted to possible support zones.

Meanwhile, Snyder suggested that Bitcoin could test support around $115,700 to $116,600 on the 4-hour chart. He added that if it doesn’t hold here, 4H support is at 115,7K/116.6 K.

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These levels are now being monitored for a possible bounce. If they fail to hold, deeper support between $111,000 and $112,000 may come into play. According to Snyder, this zone could be ideal for long positions, stating, “If we go lower, I think 111K/112K is perfect for adding longs.”

Market Sentiment Remains Cautious

Some view the current price movement as a natural pause after the recent rally. Crypto Lord, another market commentator, noted that Bitcoin is trading in a tight consolidation just below its all-time high after its strong impulsive rally.

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However, this period of sideways action can either lead to a breakout or a temporary reversal. Traders are waiting for confirmation before committing to new positions, which reflects a market driven by caution and precision.

Market Overview and Market Conditions

While the long-term trend remains upward, recent hesitation near a key resistance is raising concerns among bulls. The market is in a wait-and-see mode. Without a strong catalyst, the price could revisit lower supports before making another attempt at the $120,000 mark. As of press time, Bitcoin is priced at $117,679. It has seen a slight decline of 0.38% over the past 24 hours. Daily trading volume stands at $68.1 billion. Market participants continue to monitor these levels as Bitcoin holds below resistance, raising questions about whether bulls can regain control.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.