Bitcoin settles below $117,000 as traders await breach of pivotal levels

Bitcoin (BTC) continues to trade within a narrow range, stabilizing just below the $118,000 level. At the time of writing, Bitcoin stands at $116,709, having moved within a daily range of $116,074 to $117,596. This subdued price action reflects broader market hesitation, with no strong momentum in either direction.

Analysts point to immediate support at $116,000, which has been tested multiple times during the session and has held firmly. On the upside, the $117,500 level has emerged as a key resistance that buyers must overcome to reignite bullish momentum. Unless one of these two levels is decisively broken, Bitcoin is likely to remain in a consolidation phase over the short term.

In the absence of a surge in trading volume or sharp increases in volatility, traditional technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are expected to stay neutral. The RSI is likely to hover near the 50 mark, signaling no overbought or oversold conditions, while the MACD readings are expected to remain flat in line with the current tight trading range.

From a technical analysis perspective, a breakout above $117,600 could open the door to higher levels, with $118,000 and $120,000 seen as the next bullish targets. Conversely, a drop below $116,000 may increase selling pressure, pushing the price down toward the $115,000 zone.

Market participants are closely monitoring macroeconomic factors, risk sentiment indicators, and upcoming events in the crypto space that could trigger a price breakout. For now, Bitcoin remains in a wait-and-see mode, and traders should watch for a clear move beyond the current range between $116,000 and $117,600 to confirm the next direction. A decisive breakout is likely to set the tone for Bitcoin’s short-term path — either in an attempt to regain bullish momentum or to defend key support levels.

$123K: The Next Stop for the King of Crypto?

Technical analysis reveals that Bitcoin has formed several highly bullish chart patterns expected to drive further gains this month. For example, the cryptocurrency has formed an ascending triangle, marked by a horizontal resistance at $111,822 and a rising trendline.

Bitcoin has also developed a bull flag pattern, consisting of a flagpole and a descending channel — a setup that often leads to additional gains. This outlook becomes more likely following Bitcoin’s recent successful retest of the $111,822 support level.

In addition, Bitcoin continues to receive support from the 100-period moving average and remains above the rising trendline that has been intact since April. Based on this setup, the most probable scenario is a continuation of the upward trend, with an initial target of the psychological resistance at $120,000, followed by $123,118 — the all-time high.