- Bitcoin trades near $118K with 0.21% daily gain while volume drops by 29% to $46.2B
- BTC market cap reaches $2.35T as supply nears 19.89M coins out of 21M total cap
- Key support holds at $117,700 with resistance at $118,400 and upside target of $120K
The market is still in the process of consolidation, but according to analyst Ali Martinez on X, Bitcoin trades around 118,129. The crypto recorded a slight increase of 0.21 percent in the past 24 hours. The market capital is about 2.35 trillion dollars and the fully diluted capital amounts to 2.48 trillion dollars. The amount of traded stock decreased by 29.0 percent, or to 46.26 billion dollars, which indicates the deceleration of the short-term momentum.
Current circulating supply of bitcoin stands at 19.89 million coins and there are still fewer than 1.2 million BTC to be produced before it hits its fixed supply of 21 million. This scarcity has persisted to influence the long-term predictions of the increase in price.
Changes in Price and Important Levels
Bitcoin’s price changed between $117,700 and $118,400 during this session. The asset bounced back from earlier intraday drops and entered a tight range of consolidation. $117,700 is the closest support zone that analysts are watching, and $118,400 is the closest resistance zone.
The technical models indicate that the trend is mixed. The Relative Strength Index (RSI) remains almost near 37, indicating that it has a little bit of bearish pressure. Instead, the MACD histogram is leveling off following a recent bearish crossing. This may point out that the downward trend is decelerating.
Outlook for the Market and Investor Sentiment
There is an 82% bullish bias in community sentiment, but a lower trading volume suggests that market participants should be careful. In the past, when similar conditions happened before big breakouts, they needed stronger catalysts like institutional inflows or macroeconomic events.
If Bitcoin surpasses $118,400, we can observe the next resistance area at $119,500, followed by the psychological level at 120,000. Conversely, the price might fall once again to $116,500 in case it falls beyond the prices below $117,700. The short-term traders and long-term investors observing the price action of Bitcoin after halving still place a lot of importance on these levels.
Despite the current cautious market behavior, we anticipate a favorable long-term market structure. The value of Bitcoin remains among the most exalted on the global cryptocurrency market due to the small supply and advancing popularity.
