Bitcoin is currently facing resistance near the $120,000 level, leading to a potential consolidation phase before a predicted rally to $135,000. Recent trading activity shows that, despite some pullback, bulls are holding their ground and maintain optimistic positions as inflows into Bitcoin exchange-traded funds continue to rise significantly. Repeated failures to break above the $120,000 mark could lead to a deeper pullback towards the 20-day moving average at approximately $113,528. If the bulls manage to push past the $120,000 to $123,218 resistance zone, they may pursue the next upward target of $135,729, with an extended target of $150,000. Conversely, a drop below the support level at $110,530 could signal a shift in control towards the bears. The current technical indicators suggest a possible range formation, and Bitcoin might trade between $115,000 and $123,218 for a period before deciding its next major move.

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