Bitcoin is currently trading at $117,182, continuing its uptrend since the beginning of the month. The immediate challenge lies in flipping $117,261 into support, which would give the cryptocurrency the base it needs for further upside.
If successful, Bitcoin could target $120,000 as its next milestone. A breach and consolidation above that level could set the stage for further gains. This is likely, particularly if ETF inflows continue reinforcing investor confidence.
However, risks remain. Should selling pressure increase, Bitcoin may struggle to hold above key levels. A drop below $115,000 could open the door to a correction toward $112,500, invalidating the bullish thesis and cooling near-term momentum.
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