Bitcoin Approaches $120K Resistance With $146K–$184K Targets
Bitcoin price has rallied nearly 9% over the past week, climbing to about $117,600 after breaking out from a tight $105K–$108K consolidation. A $1 billion short squeeze and over $1 billion in US spot Bitcoin ETF inflows fueled the advance. Analysts now highlight a critical resistance zone at $118.9K–$120K, with Joao Wedson’s Power Law model defining a $119,300 “Alpha Price” hurdle that must be cleared to unlock gains toward $143K–$146K. Meanwhile, CryptoCon’s 5.618 Fibonacci extension aligns with a longer-term cycle peak near $184,181. Traders eye $130K as the next consolidation level en route to these projected cycle highs.
Bullish
The combined news indicates strong bullish momentum for Bitcoin price. The recent 9% weekly rally, driven by a significant short squeeze and over $1 billion inflows into US spot BTC ETFs, demonstrates robust demand. Breaking out of a tight $105K–$108K range and approaching the critical $118.9K–$120K resistance zone suggests further upside potential. Analysts’ models project cycle highs between $143K–$146K and up to $184K, reinforcing a positive outlook. In the short term, clearing the $119.3K “Alpha Price” will be crucial, while the mid-term focus on $130K consolidation could set the stage for the next leg higher, supporting a bullish market stance.