Bitcoin is once again testing key resistance levels, trading at around $117,300 after gaining momentum through September.
The move comes as traders monitor liquidity zones and anticipate whether the world’s largest cryptocurrency can sustain its climb toward new highs.
Data from Binance shows BTC hitting an intraday peak of $117,888, with relative strength index (RSI) levels on the daily chart sitting near 62 — a signal of growing bullish pressure but not yet in overbought territory. This technical setup highlights Bitcoin’s attempt to break out of a consolidation range that has held for weeks.
Liquidity Zones Drive Market Volatility
Crypto Rover flagged that “topside liquidity is being grabbed right now,” pointing to a cluster of liquidations in the $116,500–$118,000 range.
Heatmap data confirms significant liquidity pools above the current price, while downside liquidity remains concentrated near $114,000. This positioning suggests volatility could intensify as traders reposition around these zones.
Key Resistance in Focus
Michaël van de Poppe, another closely watched analyst, stressed that the crucial test will be whether Bitcoin can push through the $118,000–$120,000 resistance area.
He argued that once BTC finds stability above this range, the next phase of the cycle could bring strong movements across altcoins. “The more important part; will Bitcoin break through this crucial resistance zone? Once Bitcoin stabilizes, we’ll start to see big breakouts on altcoins occur,” he noted.
What It Means for Altcoins
If Bitcoin holds above $117,000 and clears the resistance cluster, analysts believe momentum could carry prices back toward the $123,000 range, last tested in early summer. On the other hand, failure at this level could drive a retest of $114,000, where downside liquidity is stacked.
With Bitcoin’s next move hanging in the balance, attention is also turning toward altcoins. Historically, periods of BTC consolidation have opened the door for capital rotation into other digital assets. Analysts suggest a decisive breakout above $120,000 may accelerate this shift, potentially sparking fresh rallies across the broader market.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/bitcoin-price-nears-breakout-zone-altcoin-rallies-could-follow/