FameEX Hot Topics | Bitcoin Nears $120K, Analysts Forecast Larger Price Movements Next

Bitcoin surged above $119,000 on Sunday, as bulls extended their rebound from two-week lows. The BTC/USD pair showed signs of nearing a key reclaim area, with traders eagerly watching whether the price could close above its 10-day simple moving average. This rally followed a rebound from around $114,500, suggesting that the market had largely overlooked one of the largest-ever Bitcoin sales.

The uptick in price came amidst news that the U.S. and China had agreed to delay the introduction of reciprocal trade tariffs, providing temporary relief to the broader market. With trade uncertainties easing, market participants shifted focus to key levels that could influence Bitcoin’s trajectory in the coming week.

Crypto investor and entrepreneur Ted Pillows highlighted that Bitcoin needs to break above the $119.5K level for a significant price move. He noted that if this doesn’t happen soon, Bitcoin could remain in a consolidation phase. However, Pillows suggested that Bitcoin might break this resistance next month, marking the start of the next upward leg in its price.

Trader and analyst Rekt Capital also observed that Bitcoin had closed above the blue range low, signaling a possible return to a range that had been briefly lost. He pointed out that any dips into the range low, aligning with the new higher low, would confirm the successful reclaim of this area. Despite the bullish sentiment, some traders remained cautious, noting that Bitcoin could still revisit the $114,500 level to fill the downside wick left during the previous dip.

Trader CrypNuevo emphasized the downside target at $113.8K, where the main liquidation cluster for BTC shorts is located. He suggested that the natural mid-term target for Bitcoin would fall between $114.5K and $113.6K. Meanwhile, CoinGlass data indicated the “max pain” for Bitcoin shorts at approximately $119,650, revealing strong resistance in the $119,000–$120,000 range. This resistance, combined with dense liquidation clusters, suggests that Bitcoin's price movements may face significant challenges in the near term.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.