Bitcoin Faces Resistance at $120K, Potential Consolidation Ahead
Bitcoin (BTC) is encountering significant resistance near the $120,000 level, suggesting a possible consolidation phase before any upward movement. According to technical analysis by Cointelegraph, despite the selling pressure, bullish investors remain steadfast, anticipating the continuation of the current uptrend.
Market Highlights
- BTC struggles to surpass the $120,000 resistance level.
- US-based BTC ETFs saw inflows of $799.4 million in a single day.
- Since July 2, total inflows into BTC ETFs have surpassed $5.2 billion.
Expert Perspective
“Repeated failures to break above $120,000 may lead to a deeper correction,” observes Rakesh Upadhyay, a respected market analyst. “Yet, a rebound from the 20-day EMA could signal renewed bullish strength.”
Critical Levels to Monitor
The 20-day exponential moving average (EMA) at $113,528 acts as a vital support. A drop below $110,530 could indicate a bearish shift in market sentiment.
Final Thoughts
The direction of Bitcoin’s price largely depends on its ability to overcome the $120,000 hurdle. Investors and traders should keep a close eye on these pivotal levels for indications of the market’s next major move.
