Can Bitcoin break through the $117,000 resistance level?

Key Points

Bitcoin at $114,697.62 is approaching the critical $117,000 resistance, with improving market sentiment and strong institutional interest.
Whale accumulation (e.g., BlackRock purchases) and tech adoption news (Amazon crypto hire, PayPal P2P BTC integration) are supporting an upside push.
Positive funding rate and rising long-to-short ratios show increasing bullish conviction, though profit-taking pressure near $117K remains a risk.

Opportunities

Message Side (Bullish)

Institutional Buying Momentum

BlackRock’s multimillion BTC purchase and companies collectively holding over 1M BTC enhance long-term confidence.

Adoption Catalysts

Amazon’s crypto ecosystem expansion and PayPal adding BTC P2P trading could boost liquidity and usage.

Cross-Asset Sentiment

KOLs on Twitter promote BTC accumulation while also suggesting staking SOL, reflecting a generally bullish crypto bias that benefits major alts like ETH, ADA, DOGE, XRP, PEPE, and SUI alongside BTC.

Technical Side (Bullish)

Long-Short Positions: Overall long ratio above 65%, elite traders long ratio rising to ~65.5%, reinforcing upward momentum.
Funding Rate Positive: At 0.000082, suggesting long traders paying shorts, indicative of bullish demand.
Active Buy Pressure: Bid-to-ask ratio exceeded 1.2 in multiple recent hours, confirming aggressive long positioning.
Trend Indicators: Short-term EMA/MA alignment still supportive; daily MACD positive and weekly MACD strong, RSI not overheated.

Risks (Medium)

Resistance Rejection: Historical selling pressure at $117,000 could trigger a pullback.
Macro Uncertainty: Global economic or regulatory shifts can quickly flip sentiment.
Concentration Risk: Large whale/government holdings could affect liquidity if sold.

Action (Bullish)

Pair & Current Price

BTC/USDT $114,697.62

Short-Term Strategy (Bullish)

Entry Zone

$113,800 – $115,200 (40% position)

Stop Loss

$112,500 (tight risk)

Take Profit

First level

$116,800 (30% close)

Second level

$117,500 (50% close)

Third level

$118,500 (20% close)

Mid-Long Term Strategy (Bullish)

Entry Zone: $112,000 – $114,500 (50% position)
Stop Loss: $109,800

Take Profit:

First level: $120,000 (40% close)
Second level: $125,000 (40% close)
Third level: $130,000 (20% close)

Integrated Strategy with Other Hot Coins

ETH & SOL

Accumulate on dips alongside BTC for diversification, as both have strong network activity and potential upside catalysts.

XRP, ADA

Suitable for medium-term holds as sentiment recovers with market momentum.

PEPE, SUI, DOGE

High-risk/high-reward trades; limit to small % of portfolio for speculative upside while BTC leads the trend.

Summary

Bitcoin is gearing up for a test of $117K with solid technical and sentiment backing if buying pressure continues and resistance breaks, we could see a run toward $120K+. Load up with discipline, because moon missions still require fuel!