Bulls attempt breakout while resistance zone remains unbroken
Bitcoin (BTC) surged past $117,000, testing a well-defined rejection level that has repeatedly capped rallies in recent weeks. The move comes as buyers regained momentum from the $110,000 support zone, driving optimism of a potential breakout above the mid-term downtrend.
The chart shows BTC climbing out of a descending channel after multiple failed attempts to reclaim higher ground. Despite this momentum, the $117K–$118K resistance area remains a major supply zone. Price has already faced heavy selling pressure here in the past, making this level a critical battleground for bulls and bears.
“Bitcoin is showing strong resilience after bouncing from the $110K green demand zone,”According to BITX technical strategists. “But unless we see a daily close above $118K, this rejection zone could trigger another pullback.”
The immediate support lies near $114,000, which acted as a pivot during the latest rally. A breakdown below this area could bring BTC back toward $111K–$110K, where buyers previously defended aggressively. On the upside, a clean break and close above $118K would likely pave the way toward $122K–$124K, the next resistance band.
Volume analysis indicates rising buyer interest, but the rejection zone has so far proven difficult to overcome. Momentum indicators suggest overbought conditions in the short-term, increasing the risk of volatility around current levels.
Traders remain split on whether BTC has the strength to clear the rejection area on this attempt. “If Bitcoin can establish support above $118K, it would mark a major shift in structure, opening the door for a retest of yearly highs,” According to BITX analysts.
For now, $117K serves as the line in the sand. A breakout could reignite bullish momentum, while another rejection may reinforce the range-bound nature of Bitcoin’s price action.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.