Bitcoin Price Nears $118K Resistance: What Traders Should Expect

Bitcoin’s price has been moving in a zigzag upward pattern in recent days, with quick rises and falls within hours. As of now, BTC is trading above $116,690 (~PKR 3.24 crore) and is getting close to an important resistance zone near $118,000 (~PKR 3.28 crore).

Analysts say that if Bitcoin manages to break this barrier, the market could see a stronger rally. But sellers are expected to defend this level heavily, which may slow down the momentum if buying pressure weakens.

Bitcoin Positioning Towards $118K

Experts believe Bitcoin can stay strong as long as it trades above $116,650. If the coin closes above $118,000, bulls may push for even higher targets. However, failure to cross this resistance could trigger a pullback towards lower support levels.

At the moment, Bitcoin is trading close to $116,000, showing a small dip today. According to the Fear & Greed Index, the broader crypto market is in a “neutral” state, meaning stable liquidity and moderate volatility.

Investor Sentiment Remains Strong

Despite near-term hurdles, long-term sentiment for Bitcoin stays positive. Nearly 50% of surveyed investors said they plan to increase their holdings within the next six months. Many investors continue to view Bitcoin as “digital gold” during times of inflation and global uncertainty.

Key Factors That Influence Bitcoin’s Price

Bitcoin’s price depends on several major factors, including:

• Supply and Demand – A fixed supply of 21 million coins and halvings reduce new coin creation, making Bitcoin scarce.

• Market Sentiment – News, social media buzz, and big investors’ actions can quickly change price trends.

• Regulation – Government policies and crypto laws affect investor confidence and market stability.

• Technology – Upgrades like the Lightning Network and better security boost adoption.

• Global Economy – Inflation, interest rates, and global events can push Bitcoin as a hedge.

The next Bitcoin halving is expected in 2028, but future prices will depend on adoption, innovation, regulation, and overall market sentiment.