Bitcoin Consolidates at $118K, Eyes $125K Breakout
Bitcoin recently broke above its $104.4K all-time high, driven by bullish MVRV, RSI and MACD signals and macro tailwinds from US debt ceiling adjustments and rising M2 supply. After peaking at $118,667, Bitcoin is now consolidating around $117,953. TradingView analyst RLinda outlines two scenarios: a drop below $117,500–116,700 support could push Bitcoin down to $115,500, $114,300, $111,800 or even $110,400, with Fibonacci levels at $113,031 and $111,960 acting as cushions. Conversely, a daily close above $118,400–118,900 resistance would confirm a breakout toward $125,000, fueled by a potential short squeeze at higher liquidity pools. Glassnode’s NUPL reading of 0.69 indicates long-term holders remain profitable without euphoric excess. Traders should watch these key support and resistance zones to plan entries, exits and risk management.
Bullish
The combined analysis shows sustained bullish momentum for Bitcoin. Technical indicators (MVRV, RSI, MACD) and macro factors have driven recent breakouts, while the current consolidation near $118K sets up clear support and resistance levels. A decisive close above $118,900 would likely propel Bitcoin toward $125K, aligning with earlier short-squeeze forecasts. Although a break below $116,700 could trigger a deeper pullback, the overall trend remains positive, supported by healthy market sentiment (NUPL 0.69) and liquidity dynamics. Therefore, the news is bullish, offering both short-term breakout potential and continued long-term upside.