Bitcoin (BTC) Price Analysis: Key Resistance at $117,000 as Bulls Eye $120,000

Bitcoin is currently trading just below the $117,000 resistance and remains bullish in the short term. As noted in our previous analysis, $117,000 is a key level for BTC, and a breakout above it could fuel momentum toward $120,000 and higher. Over the past few weeks, BTC faced a correction but held support around $108,000, which has now set the stage for an uptrend on lower timeframes. Let’s look at the latest Bitcoin charts to see where the price could be headed in the coming days.

Our Bitcoin Price Prediction Thoughts

• Bitcoin is currently trying to break above $117,000, with $120,000 as the next major target.
• A short-term pullback toward $114,600 or even $112,000 remains possible due to bearish divergence.
• The broader trend stays bullish, but the weekly divergence signals correction risks are still in play.

Analyzing the Bitcoin Charts

Looking at the latest 1-day charts for Bitcoin, the price is currently facing resistance at $117,000 and is attempting to break above it to sustain momentum. A minor rejection here is possible, with consolidation below $117,000 before another breakout attempt. Once the price clears this level, $120,000 comes into focus, and that is the level BTC needs to break with strength, as it would open the door to new all-time highs.

Switching to the 4-hour timeframe, the price is currently rejecting the $117,000 resistance and showing signs of a move to the downside in the immediate short term. While the uptrend remains intact on this timeframe, a bearish divergence is visible and could push the price slightly lower over the next day or two. However, if this divergence plays out and BTC bounces cleanly from lower levels, our Bitcoin price prediction will shift back to bullish, keeping $120,000 in sight.

The key levels to watch as the bearish divergence plays out are the immediate support at $114,600 and the major support zone between $113,000 and $112,000. A bounce from the $114,000 region is likely, but if the price dips further, momentum can still build as this zone is where bulls are expected to step in with strength.

Furthermore, it is important to note that the bearish divergence on the 1-week timeframe, which we have highlighted in previous analyses, is still active and has not been invalidated. This means Bitcoin is not completely out of the woods yet, and the risk of further correction remains.

Final Takeaways: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading just below $117,000 and facing resistance at that level. With a bearish divergence forming on the 4-hour timeframe, a short-term pullback looks likely. However, the broader short-term trend remains bullish, and the price could bounce from $114,600 and continue toward $120,000. The key level to watch is $112,000, as a decisive move above it in the coming weeks would open the door to new all-time highs and reinforce the bullish outlook. However, the bearish divergence on the 1-week timeframe is a reminder that further correction is not fully off the table yet.