BTCUSD
Bitcoin is trading above the $116,000 support zone, and prices are likely to rise and retest the $120,500 resistance zone. This scenario would be invalidated if the aforementioned support zone is broken to the downside during today’s trading.
|
Support |
116000 | 113000 | 110000 |
| Resistance | 120500 | 123000 |
– |
Bitcoin witnessed a notable surge today, surpassing the $119,000 mark, supported by a combination of technical and regulatory factors. From a technical perspective, the price rebounded from a key support zone near $116,000, indicating the continuation of the short term upward trend.
The gains were driven by growing inflows into Bitcoin exchange-traded funds (ETFs), which have exceeded $15 billion, alongside strong U.S. legislative support through laws such as GENIUS and CLARITY. These laws enhance the legal clarity surrounding Bitcoin and reduce regulatory concerns. This institutional and regulatory momentum boosts market confidence and supports expectations of a new bullish wave that could extend to the $125,000 and possibly $130,000 levels in the coming weeks.
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