Bitcoin Holds Key Support, Eyes Higher Resistance Levels
- Bitcoin has been trading within a local range of $108,250-$111,140 since the start of the month.
- The cryptocurrency closed the week at approximately $111,137, avoiding a potential breakdown.
- Analysts suggest that reclaiming the $113,000 level could lead to a rally towards $116,000 and possibly $119,000.
- BTC attempted to break out to $113,000 but retraced to $110,000 amid potential upcoming volatility due to US CPI data.
Bitcoin is currently consolidating within its monthly range and needs to close above $114,000 for further upward momentum. Analysts are closely watching this level as it could determine BTC’s next move in the market.
BTC’s current trading position at $111,276 reflects a slight decline but maintains crucial support levels necessary for potential growth. (Source)
