Bitcoin continues to capture the attention of the crypto community as it approaches a critical resistance level. An enthusiastic crypto analyst, Wedson, has recently identified, using a version of the Bitcoin Power Law model, that the $118,900 to $120,000 range could serve as the pivotal resistance corridor, potentially paving the way for a new high between $143K and $146K.

Understanding the Resistance and the Power Law Model

The Bitcoin Power Law model is gaining traction among traders and analysts alike because it illustrates how historical price movements can play a role in predicting future trends. Wedson’s analysis suggests that should Bitcoin overcome the $118,900 to $120,000 junction, the crypto market might see a bullish breakout, with speculators eyeing the $143K to $146K peak.

Implications for DeFi and Web3

The evolving landscape of decentralized finance (DeFi) and Web3 further intensifies the excitement around Bitcoin’s price action. As institutional and retail investors weave Bitcoin into their long-term strategies, the ripple effect is becoming evident across global crypto news.

Technical Analysis and Market Trends

From a technical perspective, the resistance levels are not merely arbitrary numbers. They are underpinned by market psychology and previous trading volumes. With Bitcoin gaining traction on major exchanges, the analysis underscores an upcoming period of high volatility and potential exponential growth if the resistance is breached.

Actionable Advice for Crypto Traders

If you’re a trader or investor looking to leverage this rising trend, consider the following:

• Monitor Key Resistance Levels: Keep a close eye on the $118,900 – $120,000 zone.
• Review Your Portfolio: Ensure your investment aligns with your risk tolerance as bitcoin tests these critical levels.
• Stay Updated: Leverage crypto news platforms and technical analysis tools to track market shifts in real-time.
• Diversify Investments: Explore opportunities in DeFi and Web3 projects alongside your Bitcoin investments.