This week, Bitcoin confidently broke through the $117,800 resistance, making a steady ascent without any corrections and showcasing its underlying strength. On the hourly (H1) chart, the price is trading above all the key moving averages (the 20-, 50-, 100-, and 200-day ones), thus confirming BTCUSD's bullish momentum. Substantial inflows into crypto ETFs, sustained institutional interest (e.g., the Grayscale stock split), and a macroeconomic environment that weighs on the greenback, support the token's rally and favor risky assets.
However, potential dangers to the uptrend include a sharp rise in bond yields, adverse regulatory developments, and large-scale sell-offs by major holders (whales). Any of these could trigger a rapid 5–10% correction.
Since Bitcoin is currently overbought, a minor downward correction toward the previously breached resistance at $117,800 is highly likely. Returning to this level would be a good time to open buy positions, as it would keep the upside potential intact while alleviating the overbought market tension.
The ultimate recommendation is to buy Bitcoin from $117,800. Profits are taken at $121,800. Stop loss is placed at $115,100.
The volume of your open position should be calculated so that the potential loss (protected by a Stop Loss order) does not exceed 1% of your deposit. If your account balance does not allow opening a position of this size, it is better to avoid entering the market on this signal and wait for other trade options that meet low-risk criteria.
This content is for informational purposes only and is not intended to be investing advice.
