Bitcoin dips under $118K amid profit-taking, eyes breakout
Bitcoin price slipped below the key $118K level, shedding 0.61% intraday as traders booked profits after recent rallies. The move comes amid consolidation within a triangular chart pattern. Bitcoin price is now testing support at $116K–$117K, where holds could stabilize the market. A decisive break above $118K could trigger a surge toward $125K, while a failure to hold support risks a pullback to $111K. Trading volume remains steady, and market participants await upcoming U.S. economic data for fresh direction. Meanwhile, Ether climbed past $3,750 to reach a seven-month high, suggesting renewed altcoin demand and potential capital rotation from Bitcoin.
Neutral
The intraday dip reflects short-term profit-taking rather than a sustained sell-off. Key support at $116K–$117K remains intact, and a charted triangular pattern suggests a potential breakout. Steady volume and upcoming U.S. economic data add uncertainty. Ether’s rise to a seven-month high indicates altcoin demand but does not shift Bitcoin’s consolidation bias. Overall, the news points to a neutral impact until clear direction emerges.