Bitcoin Faces Resistance at ATH Zone, Sets $150,000 as Next Target
Bitcoin is experiencing a cooling phase after failing to secure a close above the $123,000–$124,000 all-time high. While short-term retracement is likely, the broader market remains bullish with a target of $150,000.
Key Observations
- ZYN, a crypto analyst, highlights a fragile support zone between $121,000 and $120,000. Below this, a significant accumulation zone exists around $117,000 where approximately 190,000 BTC were purchased.
- This level could serve as a strong base if Bitcoin pulls back, prompting renewed buying interest.
Resistance Challenges
- Bitcoin struggles to maintain momentum above its ATH resistance zone of $123,000–$124,000, facing selling pressure upon attempts to rise.
- The current correction aligns with expected market behavior, not indicating weakness.
- A potential dip toward the $116,000–$118,000 region could foster accumulation, setting up for further bullish momentum.
Despite recent setbacks, long-term targets remain optimistic, with $150,000 as a psychological goal.
