Bitcoin Poised for Breakout Amid Bullish Pattern and Strong Support

Bitcoin is showing signs of a major breakout after consolidating below the $120,000 resistance. Despite a recent rejection at this key level, the market leader has avoided a steep correction and is instead forming a bullish pattern resembling a falling wedge—often a precursor to upward moves.

The price has consistently bounced off short-term support, particularly in the $114,000–$116,000 range. This consolidation, paired with lower volatility and stable trading volume, suggests that bearish momentum remains limited. The 21-day moving average is still intact, and momentum indicators like the RSI have cooled just enough to allow for renewed buying pressure without signaling a bearish trend.

Bitcoin’s current setup indicates strength relative to other major cryptocurrencies like Ethereum, which are starting to show signs of exhaustion. If BTC breaks above the descending trendline and reclaims the $120,000 level, it could trigger a wave of FOMO-driven buying, pushing the asset to new local highs.

With fundamentals intact and technical indicators aligning, traders are watching closely for a decisive move. As long as Bitcoin maintains support above the $114K–$116K zone, the potential for an imminent breakout remains high. A successful breakout could shift short-term expectations and reignite bullish sentiment across the broader crypto market.