Bitcoin hovered around $118,500 ahead of Sunday’s weekly close, maintaining most of its recent gains despite a brief dip below $117,000 on Friday. After a 19% rally over the past three weeks, BTC remains in consolidation mode, trading just below its all-time highs. Traders now eye a key resistance trend line that could determine whether Bitcoin can break through to price discovery above $123,000. On the sentiment front, nearly 50% of all crypto-related social media activity this week focused on Bitcoin—a level of dominance that may hint at a local top and open the door for a short-term pullback before the next leg up.
At the time of writing, BTC was trading at $118,368.
BTC, after making a high of $111,980, started consolidating and was trading in a range between $100,000 and $110,000. The asset finally gave a breakout above the range and rallied almost 12%, making a new all-time high of $123,218. On a broader time frame, the BTC price has broken through an 8-year resistance line that previously failed to break in 2017–2021. If it closes and sustains above the resistance trendline, we may expect it to rally further up to $130,000–$150,000. The key support levels are now at $110,000 and $100,000.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $100,000 | $110,000 | BTC | $125,000 | $145,000 |
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