Bitcoin Price Aims Fresh Gains After Consolidation: Can the Rally Resume?

Bitcoin's price is looking to increase above the $118,500 resistance level. To gain bullish momentum, it needs to clear the $120,250 resistance zone. The price started a fresh increase after clearing the $118,000 zone and is currently trading above $118,600 and the 100 hourly Simple moving average. A key bullish trend line is forming with support at $118,200 on the hourly chart. If the price clears the $120,000 resistance zone, it might start another increase. The first key resistance is near the $120,000 level, and the next resistance could be $120,250. A close above the $120,250 resistance might send the price further higher, potentially testing the $122,500 resistance level. If Bitcoin fails to rise above the $120,250 resistance zone, it could start another decline, with immediate support near the $118,500 level and the trend line. The main support sits at $113,500, below which BTC might continue to move down. Technical indicators, such as the MACD and RSI, are currently in the bullish zone.