FameEX Hot Topics | Bitcoin Approaches $120K, Analysts Predicts Bigger Price Swings Ahead

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

The price increase came as news broke that the U.S. and China had agreed to delay the introduction of reciprocal trade tariffs, which provided temporary relief in the broader market. With the uncertainty surrounding the trade relations easing, market participants turned their attention to the key levels that could define Bitcoin's direction in the coming week.

Crypto investor and entrepreneur Ted Pillows pointed out that Bitcoin needs to break above the $119.5K mark for a significant price movement. He suggested that if this doesn't occur soon, the consolidation phase would likely continue. However, he predicted that Bitcoin could break this level next month, triggering the next upward leg for the cryptocurrency.

Popular trader and analyst Rekt Capital also observed that Bitcoin had closed above the blue range low, signaling a potential move back into a range that was briefly lost. He advised that any dips back into the range low, which is in alignment with the new higher low, could confirm the successful reclaim of the area. While the sentiment was generally bullish, some traders remained cautious, noting that Bitcoin could still revisit the $114,500 level to fill the downside wick left during the dip.

Trader CrypNuevo highlighted the downside target at $113.8K, where the main liquidation cluster for BTC shorts resides. He suggested that the natural mid-term target would be between $114.5K and $113.6K. Meanwhile, data from CoinGlass showed the “max pain” for Bitcoin shorts at around $119,650, indicating strong resistance in the $119,000–$120,000 range. This resistance, coupled with dense liquidation clusters, suggests that Bitcoin’s price movements could 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.