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Title: Gigantic Bitcoin (BTC) Resistance Born: Price Level
In recent months, Bitcoin has encountered one of its most crucial resistance zones as price action repeatedly fails to break through the $120,000 mark. This threshold is not psychological and is instead supported by price charts and the BTC/USDT Liquidation Heatmap.
The data suggests that this zone has become a battleground for both bulls and bears. A significant liquidation cluster is visible on the liquidation heatmap at around $116,000, indicating that short positions are heavily concentrated above the current price action. The likelihood of a short squeeze is high if this resistance is broken through, potentially leading to a swift increase in prices.
The current consolidation below this level implies that Bitcoin’s path forward will be defined by a potential breakout or breakdown. The analysis suggests that failing to breach $120,000 could lead to an even deeper correction due to the presence of tight stops on short positions.
Source: u.today
