Bitcoin consolidation is expected to end with an impulse move to $135K, according to data . Bitcoin is in a consolidation phase, trading in a narrow range between $115,961 and $120,000 .
Bulls haven't ceded much ground, hinting at a potential breakout . However, investors remain cautious, as evidenced by $285.2 million in net outflows from U.S.-based spot ETFs over the past three days .
BTC faces selling at $120,000, but the bulls have not ceded much ground, hinting at a breakout to new highs . If buyers thrust the price above the $120,000 to $123,218 resistance zone, the BTC/USDT pair could resume the uptrend . The pair could skyrocket to $135,729 and later to $150,000 .
Several analysts have made Bitcoin price predictions, with Katie Stockton of Fairlead Strategies predicting Bitcoin will reach $135,000 in the medium term . Stockton said that the firm creates “measured move projections” from the breakouts and assuming the previous uptrend continues ahead of any corrective phase .
Technical analysis indicates that Bitcoin remains in a defined uptrend, but recent price action has transitioned into a consolidation phase near the upper range . Resistance is situated at $123,000, while key support is clustered between $116,000 and $117,000 . A breakout above $123,000, especially on volume, would likely renew bullish momentum .
Bitcoin consolidation refers to a period of stability in the price movement of Bitcoin . During consolidation, the price of Bitcoin tends to trade within a narrow range, moving sideways rather than experiencing significant up or down fluctuations .
Overall, Bitcoin consolidation is a necessary and healthy part of the market cycle . It provides a period of stability and accumulation that can help strengthen the long-term outlook for Bitcoin .