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Bitcoin Shows Potential for Upward Movement Amid Market Challenges

Bitcoin Shows Potential for Upward Movement Amid Market Challenges

Coinotag2025/08/10 20:05
By: Marisol Navaro
BTC+0.34%SOL+1.30%MOVE-0.37%


  • Current Bitcoin price is $118,592.

  • BTC is attempting to break above local resistance at $118,500.

  • Traders should monitor the $123,236 resistance for potential all-time highs.

Bitcoin’s price has increased by 1.3% in the last day, with expectations of reaching $120,000. Stay updated with COINOTAG for the latest insights.

Key Levels Current Price Next Target
$118,500 $118,592 $120,000

What is the Current Trend for Bitcoin (BTC)?

The current trend for Bitcoin (BTC) is upward, with a recent increase of 1.3% over the last day. If BTC can maintain its position above the local resistance of $118,500, it may continue to rise towards $120,000 in the near future.

How Does Bitcoin’s Price Movement Affect Traders?

Bitcoin’s price movement significantly impacts traders’ strategies. With BTC currently trading at $118,592, traders are closely watching the resistance levels. A breakout above $123,236 could signal a new all-time high, prompting increased trading activity.


Frequently Asked Questions

What factors influence Bitcoin’s price?

Bitcoin’s price is influenced by market demand, investor sentiment, regulatory news, and macroeconomic trends.

How can traders benefit from Bitcoin price fluctuations?

Traders can benefit by buying during dips and selling during peaks, capitalizing on the volatility of Bitcoin’s price.


Key Takeaways

  • Bitcoin Price Increase: BTC has risen by 1.3% in the last day.
  • Resistance Levels: Key resistance at $118,500 and $123,236.
  • Market Outlook: Potential for upward movement towards $120,000.

Conclusion

In summary, Bitcoin’s recent price increase indicates a positive market sentiment. As traders watch key resistance levels, the potential for further gains remains. Stay informed with COINOTAG for the latest updates on Bitcoin and other cryptocurrencies.


  • Most coins have returned to the red zone on the last day of the week, according to CoinStats.

  • The price of Bitcoin (BTC) has gone up by 1.3% over the last day.

  • On the hourly chart, the rate of BTC is trying to fix above the local resistance of $118,500.

Bitcoin Shows Potential for Upward Movement Amid Market Challenges image 0 Top coins by CoinStats

BTC/USD

On the bigger time frame, traders should pay attention to the nearest level of $118,775.

If bulls can hold the gained initiative, the energy might be enough for an ongoing upward move to the $120,000 range.

Bitcoin Shows Potential for Upward Movement Amid Market Challenges image 1 Image by TradingView

From the midterm point of view, the rate of the main coin is far from the key levels. However, if a breakout of the $123,236 resistance happens, one can expect a new all-time high shortly.

Bitcoin is trading at $118,592 at press time.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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