Bitcoin Consolidates in a Tight Range Ahead of a Big Potential Breakout Above $120K

Bitcoin has lingered in the same price range for over two weeks. It did not plunge downward, nor did it soar upward. The markets continue to monitor potential future directions.

During this resting time, the price has run off the support at approximately 114,000-116,000. That stability shows that buyers are supporting these prices, making the market a suitable place to buy.

Liquidity is on the upper side, at more than 119k price. Stop-loss orders and liquidating triggers proposed by the market makers are usually just a bit above recent swing highs; thus, they can be the catalysts for strong moves.

Given that Bitcoin has encountered difficulties near the $119k resistance, it is reasonable to anticipate its breakthrough this time. Such a breakout may bring the next line of buying pressure, propelling Bitcoin into new all-time highs.

Buying Opportunity Near $112k Zone

Those traders who would like to add or initiate positions may scale in around the areas within the support range of 110,000-112,000. A purchase at dips here gives an opportunity to profit upwards in case the price increases.

If Bitcoin passes the $119k mark and closes beyond this level, then it could initiate an uprising move that would result in quick rallies in price.

If Bitcoin maintains its value between $116,000 and $117,000 and then rises over $119,000, it could potentially reach a new record high as early as next week. As a rule, mid-year price increases coincide with renewed interest from institutions and a favorable macro environment.

What to Watch Regarding Bitcoin

There are obvious areas to watch in the two-week range of Bitcoin. Buy in case the coin tests the support, observe liquidity sweeps on the higher prices, and be prepared that a breakout may determine the following phase of this cycle.