Bitcoin Rallies Past $118,000 with 1% Daily Gain
Bitcoin price has surged past the $118,000 mark, reaching $118,054.50 on OKX, marking a 1% intraday gain. This price breakout signals renewed Bitcoin momentum as it tests a key resistance level. Traders should monitor near-term support around $116,000 and watch for potential rallies toward $120,000. The Bitcoin breakout reflects growing market confidence and bullish sentiment among crypto traders. To capitalize on this move, set tight stop-loss orders and target higher levels if momentum persists, while remaining cautious of profit-taking around resistance zones.
Bullish
Bitcoin’s break above the major $118,000 resistance level, combined with a 1% intraday gain, signals bullish momentum. Similar past events—such as the rally past $50,000 in early 2021—attracted increased trading volume and led to further upward pressure. In the short term, traders may push prices toward the next psychological target at $120,000 to capitalize on momentum. In the longer term, sustaining above $118,000 could reinforce confidence and support continued gains. However, traders should remain vigilant for profit-taking near resistance zones and use stop-loss orders to manage risk.