Bitcoin's price must surpass the $120,000 resistance to trigger a rally towards new all-time highs, analysts suggest. Currently, Bitcoin is trading between $120,000 and $115,000, with its bullish potential relying on flipping the resistance at $120,500 into support. Analysts note that spot volume and trading activity need to recover for BTC to break out of this range. The cumulative volume delta metric indicates that net buying is improving, suggesting a shift towards more buying interest. However, spot trading volume has declined recently, highlighting reduced investor activity. Furthermore, Bitcoin has recently broken out of a falling wedge pattern, which could lead to an upward price movement if confirmed. Analyst Crypto Boss points out that a successful retest at around $118,300 has set the stage for a pump toward new highs. Investors remain optimistic about a potential price discovery phase as accumulation behavior increases after recent corrections.

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