Bitcoin Stalls at $120K, But Uptrend Still Possible
Bitcoin (BTC) is currently taking a break after reaching around $120,000. The good news is that buyers (bulls) are still holding strong and not letting sellers (bears) push the price down much. This shows that many traders still expect Bitcoin to go higher.
In the U.S., Bitcoin exchange-traded funds (ETFs) saw $799.4 million in new investments on Wednesday — the 10th day in a row of inflows. Since July 2, more than $5.2 billion has flowed into these Bitcoin ETFs.
What’s Next for Bitcoin?
Bitcoin tried to move higher on Wednesday, but it couldn’t stay above $120,000 — showing that sellers are still active around that level.
If Bitcoin keeps failing to break above $120,000, it might fall back to around $113,500 (its 20-day moving average). If it bounces back up from there, buyers will likely try again to push the price above $120,000 and the next resistance at $123,218. If that happens, Bitcoin could rise toward $135,729 — and maybe even reach $150,000 later.
But if the price drops below $110,530, sellers might take control, and Bitcoin could fall to $105,000.
Short-Term View
Right now, the short-term signals suggest that Bitcoin could move sideways between $115,000 and $123,218 for a while. If it drops below $115,000, the next key support is at $110,530 — a level buyers will probably defend strongly.
On the flip side, a move above $120,064 could be the first sign that Bitcoin is ready to test its recent high of $123,218 again.
