Bitcoin has recently experienced a significant bull run, reaching a new all-time high of over $122,000. However, it currently trades below $120,000, leading to speculation about whether it can maintain this level. Traders are closely watching this price point, and predictions on the Myriad market indicate a nearly even divide, with slightly bearish sentiment at about 47% likelihood of staying above $120,000 by week's end. Technical analysis reveals that Bitcoin is at a crucial inflection point, facing resistance at around $120,000 and support at $116,000 according to the 50-day EMA. The Squeeze Momentum Indicator suggests a potential volatility breakout, but the low Average Directional Index (ADX) raises concerns about sustaining upward momentum. The article outlines key levels including immediate resistance at $120,000 and strong resistance at $122,838, while highlighting the importance of traders' sentiment and market conditions as crucial determinants for Bitcoin's near-term price action.

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