Bitcoin Faces Strong $120K Resistance Amid Bullish Momentum

Bitcoin has firmly established $120,000 as a critical resistance level, repeatedly failing to secure a decisive breakout despite multiple intraday moves above this mark. The price action over recent weeks highlights a battle between bullish momentum and significant sell pressure, as profit-taking continues to cap gains at this psychological ceiling.

After a sustained rally, Bitcoin is consolidating just below $120,000, a pattern that is not inherently bearish. The market appears to be pausing, allowing indicators such as the Relative Strength Index (RSI) — currently neutral at 61 — to reset. Meanwhile, key moving averages, including the 50-day and 100-day EMAs, continue to slope upward, providing strong support around $115,000 and $111,000.

Volume analysis suggests buyers may be losing short-term momentum, increasing the likelihood of further consolidation before another breakout attempt. Should Bitcoin fail to overcome resistance, a retracement toward the $111,000–$108,000 support range remains possible. However, structurally, the trend remains bullish as long as price action holds above these zones.

For the rally to extend meaningfully, Bitcoin must close above $120,000 with strong volume confirmation. A decisive breakout could open the door to higher targets and reinforce bullish sentiment across the broader cryptocurrency market, which also watches closely correlated assets like Ethereum and XRP.

Investors and traders are now monitoring upcoming sessions for signs of renewed buying pressure or potential corrections, as Bitcoin’s next move may set the tone for the market in the coming weeks.