Bitcoin is wrapping up the week with a noticeable bullish sentiment, demonstrating upward movement across various timeframes. Crypto enthusiasts and investors are keenly observing Bitcoin's performance as it attempts to break through critical resistance levels, potentially charting its course for the immediate future.
Current Market Momentum
The world's leading cryptocurrency, Bitcoin (BTC), has experienced a 2% increase over the last day, currently trading around $113,840. On an hourly chart, BTC is actively challenging the resistance level of $113,841. Should the bulls successfully maintain this momentum and consolidate above this point, the price is projected to continue its ascent, targeting the $114,000 mark in the short term.
Mid-Term Outlook and Consolidation
Looking at the broader daily timeframe, there are currently no clear signals indicating a reversal of the upward trend. If this growth persists, Bitcoin could soon test the significant $120,000 area. However, the midterm perspective presents a slightly less bullish picture. With the current rate being distant from key historical levels, sharp price movements are deemed less probable. Instead, analysts anticipate a period of consolidation, with Bitcoin likely trading within the range of $112,000 to $118,000.
