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>>Bitcoin is approaching a crucial price level around $126,000 that could determine its future upward momentum.

Bitcoin is approaching a crucial price level around $126,000 that could determine its future upward momentum.

crypthub

4 days ago

Recent Bitcoin Performance

Bitcoin recently reached a new all-time high above $126,000 before slowing and entering a sideways trend near $121,000. The asset is currently facing resistance at a long-term trendline, which has previously capped price increases. Analysts are observing whether Bitcoin will break through this resistance or be rejected again. Volume has slowed, often preceding larger price movements.

Potential Resistance and Support Levels

A key level to watch is around $120,000, as it represents a previous support zone and aligns with a Fibonacci retracement. Rekt Capital suggests this resistance point may be weakening, implying sellers might be losing strength. A bearish scenario anticipates potential corrections towards $96,000, then $70,000, with a slow recovery projected for late 2026. Confirmation of a higher low could lead to further upward movement.

Market Leverage and Future Outlook

The futures market maintains high open interest, resulting in a "leverage reset" with potential for liquidations. Elevated leverage means traders are closely monitoring Bitcoin’s performance. Breaking through current resistance could trigger a move towards $130,000.