Bitcoin Struggles at Key Resistance Level Again
Bitcoin faces another failed breakout as bearish pressure builds below the $120K resistance level.
- Bitcoin fails to break above the $120K resistance zone.
- Price remains in a choppy range with short-term bearish signals.
- A clean flip of $120K could spark the next bullish leg.
Bitcoin attempted another breakout above the key resistance zone around $120,000 — but once again, it failed to sustain momentum. This red supply zone has proven difficult to overcome, as sellers continue to reject price at that level. Without a confirmed breakout, the short-term outlook for Bitcoin remains neutral to bearish.
At the moment, Bitcoin is stuck within the Monday trading range, showing no clear direction. Earlier, the price swept both the highs and lows of this range, reflecting indecision in the market. This kind of price action often signals upcoming volatility, but not necessarily in a favorable direction for bulls.
Short-Term Levels to Watch: $114,700 Support & $121,000 Gap
One key level traders are watching is the Monday low. If Bitcoin can hold above that on the 1-hour chart, a retest of the supply zone near $120K could be on the cards. More specifically, there’s a fair value gap (FVG) left around $121,000, which could serve as a short-term target.
However, if Bitcoin fails to hold the current support, the first level of interest on the downside is $114,700. This area could provide a bounce, but failure there might open the door for a deeper correction.
Bullish Trigger: Clean Break Above $120K Still Needed
Despite these short-term fluctuations, the broader bullish narrative hinges on a clean flip of the $120K resistance into support. Until that happens, most traders are cautious or slightly bearish.
A strong break and hold above $120K would likely shift momentum back in favor of the bulls, potentially igniting the next phase of price discovery for Bitcoin.
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