Bitcoin (CRYPTO: BTC) remains stuck around the $118,000 level, with traders increasingly cautious as key support zones weaken.
The lack of bullish momentum has prompted several to exit long positions and wait for a deeper retracement before re-entering.
What Happened: CrediBULL Crypto stated on Wednesday that he exited his Bitcoin longs after both the blue zone and hourly demand were breached.
While price hasn’t fully broken down, the repeated failure to hold those supports prompted him to adjust stops and step aside.
A brief bounce followed the liquidity sweep, but persistent passive selling pressure continues to cap price action, mirroring behaviour observed at the previous two local tops.
In a post a few hours ago, CrediBULL had called the current zone a “make-or-break” level.
If Bitcoin loses this range, he warned traders to be mentally prepared for a liquidity flush below $115,000.
However, he reassured that the higher timeframe bullish structure remains intact even in that scenario, urging traders not to panic.
Also Read: ‘I’d Rather Have An iPhone Than A Landline’, Says Ether Machine CEO About Why He Doesn’t Own Bitcoin
What’s Next: Crypto trader Astronomer echoed the call for more consolidation.
After Bitcoin tapped the “silver pocket”, a major target zone for leveraged long positions, he now expects the price to range further before the next move.
Ideally, a dip below $114,000 would set up a strong long re-entry.
Astronomer also cautioned that this phase of the market tends to breed overconfidence, particularly in Ethereum (CRYPTO: ETH), which historically plays catch-up after BTC hits the silver pocket.
ETH has already hit the expected $3,600 level, with eyes now set on $4,000.
He believes the current range will likely resolve by week’s end, potentially with a quick shakeout and rebound, in line with the 10-week bullish signal still in play for another four weeks. His bottom line: “Patience is key.”
Read Next:
Trader Who Called Bitcoin, Ethereum, Solana Bottom In April Now Warns Local Top Likely In August
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This article Bitcoin Stalls Below $118,000 As Traders Brace For Deeper Pullback originally appeared on Benzinga.com
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