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After a powerful breakout last week that pushed Bitcoin into a new all-time 
high of $118,667, the world’s leading cryptocurrency appears to be taking a 
breather. As of the time of writing, Bitcoin is trading around $117,953, 
slightly below its recent peak. The move followed a string of consecutive 
daily gains as bullish momentum swept across the crypto industry. In a 
technical analysis shared on the TradingView platform, crypto analyst RLinda 
pointed out two scenarios that may play out over the coming days and weeks, 
depending on how Bitcoin reacts to nearby resistance and support levels. 
Related Reading: Don’t Hold Back—Expert Recommends Full Stake In XRP Support 
Zones Could Affect Bitcoin’s Next Big Move RLinda’s technical analysis begins 
with identifying the significance of Bitcoin’s recent all-time high. Although 
Bitcoin has entered what seems to be a consolidation phase, there’s no 
confirmed top just yet. The market structure still favors bullish 
continuation, especially considering Bitcoin is just coming out of a prolonged 
two-month consolidation zone and entering a realization phase. According to 
the 1-hour candlestick price chart, Bitcoin is currently trading just above a 
support area below $117,500. If Bitcoin fails to hold this zone, the leading 
cryptocurrency could kick off a cascade of corrections that could drive the 
price to $115,500, then potentially to $114,300, and even back to the previous 
all-time high of $111,800. Below that, the 0.5 and 0.705 Fibonacci levels 
around $113,031 and $111,960 respectively may act as temporary cushions. The 
last major defensive buy zone is around $110,400, where bulls may step in for 
a bounce. Basically, what this means is that if Bitcoin loses the support 
level at $115,500, it could slip back to $110,000 before encountering another 
strong buy support zone. Image From TradingView: RLinda Bitcoin To $125K, But 
It Must Breach Resistance First On the other hand, Bitcoin can still push 
above $118,000 and increase to $125,000, but only under certain conditions. 
The condition of the rally&#8217;s continuation depends primarily on Bitcoin 
registering a decisive daily close above $118,400 and $118,900. In her words, 
a daily close above these price levels would hint at a “breakout of 
structure.” This, in turn, would confirm a transition from consolidation into 
another impulsive phase upward. In essence, both the bearish and bullish 
outlooks depend on how Bitcoin reacts at any of the important zones, either 
support at $116,700 or resistance above $118,400 before making a directional 
move. However, it is important to note that the consolidation after last 
week&#8217;s rally could last for weeks or even months, much like we&#8217;ve seen in 
previous rallies this cycle. According to the Long-Term Holder Net Unrealized 
Profit and Loss (NUPL) metric from Glassnode, Bitcoin’s current level of long- 
term profitability sentiment is at 0.69. This is notably below the 0.75 mark 
associated with euphoric market conditions, despite Bitcoin having just 
printed a new all-time high. Image From X: Glassnode Related Reading: Analyst 
Sounds The Alarm: Shiba Inu Primed For Over 1,500% Breakout Bitcoin spent 
around 228 days above the 0.75 euphoria threshold in the previous bull market 
cycle. In contrast, this current cycle has only seen about 30 days above that 
level, which suggests long-term holders have not yet fully exited into profit 
and the leading cryptocurrency hasn’t reached overheated conditions. Featured 
image from Unsplash, chart from TradingView

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