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Bitcoin is once again navigating a precarious situation as it teeters at crucial levels. The current price action has been marked by a sharp breakout from a descending triangle pattern and a consolidation around the $118,000-$120,000 range.
As Bitcoin approaches this critical zone, traders are left with an uncertain future. Will bulls finally break above the long-standing resistance of $120,000 or will bears succeed in pushing the market downward?
The situation becomes even more precarious when analyzing open interest concentration zones on the CoinGlass heatmap. It is clear that two key levels have been identified: 11,700 and over $122,000.
Should Bitcoin fall below the support of these areas, a massive wave of liquidations will ensue, potentially pushing the market into a downward spiral. Conversely, a confirmed breakout above the resistance zone could lead to a new upward trend.
As such, it is imperative for traders to pay close attention to this crucial moment in time.
Source: u.today
