Bitcoin continues to trade steadily around the $118,000 mark, showing signs of consolidation just below key resistance zones.
As of now, the asset holds a market capitalisation of approximately $2.34 trillion, with a 24-hour trading volume near $24.52 billion.
Price movements remain tight, ranging between $117,502 and $118,483, reflecting low volatility near a psychologically significant threshold.
Short-Term Price Movement (1-Hour Chart)
On the hourly chart, Bitcoin is displaying sideways movement, fluctuating within a narrow channel between $117,500 and $118,500 after encountering resistance at $121,000.
This consolidation phase shows a lack of clear direction, indicating a potential for breakout. While momentum indicators hint at caution—with a bearish momentum oscillator—other indicators such as the MACD at 3,134 point toward underlying bullish momentum.
Medium-Term Structure (4-Hour Chart)
Taking a broader view, the 4-hour chart reflects a pullback from a recent high of $123,236, evolving into a descending consolidation pattern. This is highlighted by a series of lower highs and a decline in trading volume, which could indicate either market fatigue or uncertainty.
Though short- and mid-term EMAs (10, 20, 30) suggest a bullish trend, the price has been unable to break through the $120,000 resistance. A breakout above $120,500, confirmed by strong volume, would support further upside, while a dip below $117,000 could expose Bitcoin to the $114,000–$111,000 support zone.
Long-Term Perspective (Daily Chart)
On the daily timeframe, Bitcoin remains in a solid uptrend that began in April. However, recent trading sessions show increased selling volume, hinting at profit-taking.
The $120,000 level now acts as a pivotal resistance point. Support remains firm in the $116,000–$117,000 range, providing a possible entry zone for bulls. But if the price breaks below $114,000, the outlook may shift bearish, potentially targeting the $108,000–$110,000 area.
 Technical Indicators & Market Sentiment
Technical oscillators paint a mixed but stable picture:
- RSI: 65
- Stochastic: 67
- CCI: 60
- ADX: 28
- Awesome Oscillator: 8,251
These values suggest a neutral market condition—neither strongly overbought nor oversold. Divergence between the MACD and momentum indicators further reflects short-term hesitation amid a longer-term bullish trend.
Moving Averages (MAs)
Across most timeframes, moving averages continue to support the bullish case:
- All key EMAs and SMAs from 20 to 200 periods are trending upward
- 200 EMA: $98,146
- 200 SMA: $97,857
The only exception is the 10 SMA, currently at $118,374, which suggests the price may be slightly stretched in the short term
Summary Outlook: Cautiously Bullish
Bitcoin remains in a cautiously optimistic state, with potential for upward movement if it can break and hold above $120,000. Traders are encouraged to stay alert for volume-driven confirmations and maintain sound risk management, especially near key support levels.
Bullish Scenario:
A clean breakout above $120,000, backed by strong volume, could signal the continuation of the uptrend toward the previous peak of $123,236 or even higher. Technical indicators and moving averages support this outlook.
Bearish Scenario:
If Bitcoin fails to regain $120,000 and drops below $116,000, it may weaken further. A confirmed close under $114,000 would challenge the current uptrend and could lead to a deeper pullback toward $108,000–$110,000, marking a shift in short-term momentum.
