Bitcoin Price Holds Steady—Will the Bulls Charge or Bears Take Control?

Bitcoin's price action has entered a tight consolidation phase—classic prelude to volatility. Traders are glued to charts, waiting for the next big move. Here's what the technicals suggest.

Support or Breakdown?

Key levels are being tested as BTC hovers near a critical juncture. A break below could trigger algorithmic sell-offs, while holding steady might fuel another leg up. The market's itching for direction.

Liquidity Hunt

Whales are circling—order books show stacked liquidity at psychological levels. When price gets this sleepy, someone's about to get ambushed (probably retail).

Macro Whispers

Fed policy whispers and ETF flows still pull the strings. But let's be real—when has crypto ever waited for permission to moon or crash?

One thing's certain: consolidation never lasts. Whether we get a downside correction or another face-melting rally depends on who blinks first—the leveraged longs or those sitting on stablecoins. Place your bets.

Bitcoin Price Dips Again

Bitcoin price started a correction after the bulls failed to clear the $120,000 resistance. BTC dipped below the $118,000 level and tested the $116,200 zone.

A low was formed at $116,260 and the price is now attempting a fresh increase. The bulls were above to push the price above the $117,000 resistance level. There was a MOVE toward the 50% Fib retracement level of the downward move from the $119,630 swing high to the $116,260 low.

Bitcoin is now trading below $118,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is NEAR the $118,000 level. There is also a bearish trend line forming with resistance at $118,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $118,400 level. It is close to the 61.8% Fib level of the downward move from the $119,630 swing high to the $116,260 low. The next resistance could be $119,150.

A close above the $119,150 resistance might send the price further higher. In the stated case, the price could rise and test the $120,500 resistance level. Any more gains might send the price toward the $122,000 level. The main target could be $123,200.

Another Decline In BTC?

If Bitcoin fails to rise above the $118,400 resistance zone, it could start another decline. Immediate support is near the $116,200 level. The first major support is near the $115,500 level.

The next support is now near the $115,500 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $111,200, below which BTC might continue to move down.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $116,200, followed by $115,500.

Major Resistance Levels – $118,000 and $120,500.