Will Bitcoin Break $120,000 or Face a Significant Pullback?

Bitcoin is currently facing significant resistance at the $110,500 mark, driven by bearish divergences across various timeframes. Analysts are cautious, noting that a pullback may occur as the bullish momentum weakens.

The immediate support levels are projected between $107,500 and $106,000, while speculation about a potential surge to $112,000 remains. A critical resistance level looms at $120,000, a trendline that has historically capped Bitcoin's price since 2021. The coming weeks will be pivotal in determining whether Bitcoin will break into new all-time highs or revert to previous support levels around $73,000.

Despite a recent rally, concerns about the lack of new buyers persist, leading many to anticipate a pullback or consolidation. Some investors remain bullish, setting ambitious targets, while the market grapples with uncertainty stemming from external economic factors and geopolitical turmoil.