Summary: Bitcoin Price Aims Fresh Gains After Consolidation: Can the Rally Resume?

Bitcoin is currently at a pivotal juncture, showing fresh signs of strength after a period of consolidation. The digital asset has successfully pushed past the $118,000 resistance, now trading comfortably above $118,600 and its 100 hourly Simple Moving Average. A significant bullish trend line has emerged on the hourly chart of the BTC/USD pair, providing robust support at the $118,200 level, bolstering hopes for continued upward momentum. Despite a recent correctional dip from the $120,250 resistance, which saw Bitcoin briefly touch the $118,000 zone, market bulls demonstrated resilience, actively defending the $117,500 support area. The immediate focus for traders now shifts to the $119,300 and critically, the $120,000 resistance levels. A decisive close above the $120,250 mark is crucial, as it could unlock significant bullish potential, propelling Bitcoin towards challenging the $122,500 resistance, with an ambitious target set at $123,200. However, the path forward isn't without risks. Should Bitcoin fail to surmount the $120,250 resistance, it faces the possibility of another downward correction. Immediate support levels are identified at $118,500 and the trend line, with major support lying at $117,200. Further declines could see the price retreat to $116,250, or even $115,000, before hitting the critical floor at $113,500. Technical indicators like the Hourly MACD and RSI are currently aligning with a bullish sentiment, suggesting a favorable outlook for Bitcoin's price in the immediate term.