Bitcoin Price Faces Its Most Important Test Yet: $118k–$122k in Focus

TLDR:

• Bitcoin price trades near $114K with 3.3% weekly gain, building toward a key $118K–$122K resistance test
• Analysts say rejection from $120K zone could confirm a macro top and start deeper correction
• Breakout beyond $122K may invalidate correction scenario and set new highs for BTC price
• Spot premium stays firm while traders await FOMC decision for next move clarity

Bitcoin is moving closer to a key resistance area that could define the next stage of its market cycle. Traders are watching closely as the $118K–$122K zone approaches. This level may decide whether Bitcoin continues to rally or begins a deeper correction. 

Buying pressure has supported the price above $100K for weeks, but a clear breakout is still pending. Market participants are preparing for a decisive reaction once this range is tested.

Bitcoin Price Approaches $122K Resistance

CasiTrades said Bitcoin’s move toward $118K–$122K is part of a possible Wave 2 structure. 

She noted that a rejection from this range could signal that BTC has already topped. If buyers push past the zone, the macro correction scenario would be invalidated, opening room for new highs.

Market sentiment remains divided. Many traders see this level as a final hurdle before further upside, while others believe it may cap the rally. The coming reaction could shape Bitcoin’s trend for months ahead. The focus remains on price behavior once the zone is reached.

Lark Davis pointed out that Bitcoin has stayed above $100K for more than 11 weeks. He highlighted that every dip toward this level gets bought quickly. He also mentioned that the long-term trendline from Q4 2023 remains intact, signaling strong momentum.

The daily chart shows steady accumulation. Buyers continue stepping in near support zones, keeping the price in a tight upward range. This buildup could lead to a breakout attempt as price nears resistance.

BTC Traders Eye FOMC for Clarity

Daan Crypto Trades said the spot premium is holding firm despite the sideways movement. He suggested that the market might get a clearer direction after the next FOMC meeting. This could reduce hedging activity and allow traders to focus on price action again.

Price data from CoinGecko shows Bitcoin at $114,154 with a daily gain of 1.32 percent. The weekly change stands at 3.3 percent. This steady rise has brought price closer to the key resistance target.

Volume remains strong, showing healthy market participation. Over $50 billion traded in the past 24 hours, signaling active buying and selling interest. The next move could be sharp if liquidity pools around $120K trigger stops on either side.

Crypto analysts are watching this setup closely. A clear break above $122K could invite new capital into the market. Failure could lead to a larger pullback toward previous support zones. The next few sessions may reveal which path Bitcoin takes.

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