Bitcoin Holds Strong at $101K While Bulls Set Their Sights on $120K

• Bitcoin holds strong at $101K, but losing this support could trigger a drop to $91K, while a breakout above $106K may fuel a rally.
• Market consolidation tightens as Bitcoin faces resistance at $106K, with volatility expected before the next major move.
• Bitcoin’s uptrend remains intact, and buyers aim for $120K, though resistance could slow momentum before another push higher.

Bitcoin’s price action tests key support levels while maintaining a bullish structure. The market consolidates between $101,000 and $106,000, with resistance and support levels shaping the near-term outlook. The broader trend remains bullish, yet hurdles remain before a push toward $120,000 can materialize.

Bitcoin Retests Key Support Amid Consolidation

Bitcoin recently dropped to the lower boundary of its current trading range, retesting support near $101,165. This level has held multiple times, indicating strong demand at this price point. However, the descending trendline exerts pressure limiting upside potential.

Additionally, a prior attempt by Bitcoin to break above the blue diagonal trendline was unsuccessful. Consequently, bearish sentiment remains active, preventing a decisive move higher. If Bitcoin loses this key support, the next major downside targets sit at $91,070 and $87,325.

Moreover, candlestick patterns suggest indecision, with price movements narrowing. This consolidation phase could result in increased volatility in the coming days. A confirmed breakout above $106,148 may shift momentum toward a stronger bullish phase.

Bullish Momentum Builds Toward $120K

Despite short-term resistance, Bitcoin remains within an ascending channel, supporting the broader bullish trend. The recent breakout above $100,000 accelerated momentum, leading to consecutive green candles. This price action confirms sustained buying interest, with Bitcoin now targeting the channel’s upper boundary near $120,000.

Furthermore, the absence of retracements signals a strong bullish sentiment. Historically, Bitcoin rallies tend to be followed by brief consolidation before another upward leg. Given current market conditions, traders anticipate continued movement within this channel.

However, resistance near $120,000 may slow the pace of gains. If sellers emerge at this level, a temporary pullback could follow before the next upward push. Nevertheless, as long as Bitcoin trades within this structure, the outlook remains positive.