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Bitcoin Eyes $120,000 During a New US China Tariff Pause

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Altcoin Season Not Remotely Close, Bitcoin Dominance Still Too High:
Altcoin Season Not Remotely Close, Bitcoin Dominance Still Too High:

The following are key points.

  • Bitcoin makes a comeback late in the week as it approaches key liquidation zones.

  • The traders and analysts are focusing on the key points of price to recover next.

  • According to analysis, volatility is expected due to the high volume of trading.

BitcoinBTC() soared over $119,000 on Sunday, as bulls continued their recovery from the two-week low.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Weekly close of bitcoin price returns volatility

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD approached a key reclamation area.

As the market has forgotten one of BTC’s largest sales, this pair is now attempting to close daily above the 10-day moving average.

This increase coincided with the news that China and the US had agreed to delay further the implementation of trade tariffs.

The key levels that market participants will be looking for in the coming week are the following:

“$BTC needs to break above $119.5K for a big move. If that doesn’t happen, this consolidation will continue,” Ted Pillows is a crypto investor, entrepreneur and businessman. summarized Posting on X. 

“I think BTC could break above this level next month which will start the next leg up.”

BTC/USDT chart for 4 hours with RSI. Source: Ted Pillows/X

Rekt capital, a popular trader and market analyst, aimed for a range just under the $120,000 level.

“Bitcoin has Daily Closed above the blue Range Low, kickstarting a break back into the very briefly lost Range,” He told X-followers alongside a printed daily BTC/USD graph.

“Any dips into the Range Low (confluent with the new Higher Low) would be a retest attempt to confirm the reclaim.”

BTC/USD 1-day chart. Source: Rekt Capital/X

Other warned that prices could fill up the daily downward wick left behind by the move to $114.500.

CrypNuevo, a fellow trader on the subject, identified a target for the downside that coincided with an area where there was exchange order book liquidity.

“If we zoom out, we can see that the main liquidation level is at $113.8k,” Commented he. 

“Consequently, I consider the downside liquidation cluster to be the natural target in the mid-term ($114.5k-$113.6k).”

Analyse the view “larger price swings” Next

Recent data collected from Monitoring Resource CoinGlass The meanwhile is a phrase that has been used to describe the “max pain” BTC Shorts are available for around $119.650.

Related: XRP wallet linked to Chris Larsen still has $9B to sell, analyst warns

If Bitcoin returns to its all-time highest levels near $123,000 then short liquidations will total more than $1.1 billion.

Bitcoin exchange liquidation map (screenshot). Source: CoinGlass

“Strong resistance forming around 119,000–120,000, indicated by dense liquidation clusters,” Crypto analysis platform Coinank agreed When analyzing their own liquidity data.

TheKingfisher Analyst warned Volatility is high on shorter timescales.

“Seeing predominantly red on the BTC GEX+ chart. This indicates dealers are heavily short gamma, suggesting they may amplify volatility to hedge their positions,” He reported on X-Sunday. 

“Expect potentially larger price swings in the near term. Monitor these shifts closely.”

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.