Bitcoin Price Targets $118K! Will BTC Break Out This Week?
Bitcoin (BTC) traders are eyeing key price levels as a new week begins, with all eyes on whether BTC can finally break through resistance and head towards all-time highs. After a quiet weekend, analysts predict increased volatility fueled by fresh US macro data, including the Federal Reserve's preferred inflation gauge.
Bitcoin Stuck in a Range
Currently, BTC/USD is hovering below $116,000, wedged between support at $114,000 and resistance at $117,200. According to trader Rekt Capital, this range-bound construction will soon reveal the strength of the resistance at $117,200. A successful retest of $114,000 as support suggests underlying strength, but the $117,200 level remains a significant hurdle.
Key Levels to Watch
Daan Crypto Trades is also monitoring the market, focusing on $112,000 and $118,000 as crucial levels. He noted the lack of volatility over the past four weekends, a trend that may be about to change. A break above $118,000 could signal a strong bullish move, while a drop below $112,000 might indicate further consolidation or a potential correction.
- Resistance: $117,200, $118,000
- Support: $114,000, $112,000
The overall sentiment suggests cautious optimism, with traders anticipating a breakout driven by upcoming macroeconomic catalysts. The Federal Reserve's actions and inflation data will likely play a significant role in determining Bitcoin's next move. Some analysts predict BTC and ETH to hit new all time highs.
Despite dovish Fed projections, the dollar index remains resilient, which may introduce some headwinds for the crypto market.