Oh, the drama! Bitcoin, that daring digital daredevil, is once again balancing precariously on a tightrope, teasing us with a crucial price level after breaking above the long-standing resistance of $120,000. This is the third time the bulls have attempted to regain control, and if they fail, well, let’s just say the sentiment might turn a tad sour.
After a thrilling breakout from a descending triangle pattern, Bitcoin has been consolidating around the $118,000-$120,000 range, like a cunning feline toying with its prey. The recent shift in momentum toward bullishness has been driven by high volume and a sustained upward trend in higher lows, leaving us all breathless with anticipation.
But, dear reader, price alone does not tell the whole story. The most recent CoinGlass liquidation heatmap reveals two key zones – 11,700 and just over $122,000 – stacked with more than $100 million in open interest. If Bitcoin falls below that support, the high-risk concentration of long positions in the dense liquidation layer around $117,000 will be activated.
This could trigger a cascade of liquidations, increasing downward pressure and possibly pushing Bitcoin back to the $110,000-$108,000 zone. The $122,000-$123,000 cluster, on the other hand, offers bulls a liquidity magnet. The market structure would completely change if the price were to successfully break through that resistance zone using volume and confirmation candles.
This would be the first meaningful foothold above $120,000. Traders might then start focusing on the $130,000-$135,000 range as the next important zone. For the time being, Bitcoin is still rangebound in a zone that is volatile and heavily liquid.
A confirmed breakout above $122,000 could lead to a new leg higher, but bulls must keep control above $117,000 to prevent a wipeout. It is a make-or-break moment. The heatmap alerts us to the areas of pain so either Bitcoin eventually reaches the $120,000 mark as support or it is brutally rejected once more.
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2025-07-18 14:33