In analyzing the important immediate support levels, the crypto pundit highlighted the 20-day Exponential Moving Average (EMA20), which is currently near $118,447 as a vital threshold. According to Pillows, if Bitcoin holds above this level, the broader trend (which is currently bullish) will most likely be retained.
On the other hand, a break below the 30-day Moving Average (MA30), currently around $116,415, may be ominous for the cryptocurrency. The KOL explained that this situation could open the door to “a larger correction toward $112k-$113k,” as more liquidity will be sought after.
Therefore, the market remains in a state of anticipation to see if Bitcoin tests its higher resistance at $125,000 or slips back into lower zones to test its support zones. If Bitcoin were to break out of its current resistance zone, the market could see the continuation of its already impressive upward rally into previously uncharted territory.
At the time of writing, Bitcoin is valued at about $122,100, with a fair growth of about 1.6% in the past day.
