Bitcoin poised for potential breakout above $122K or correction below $115K

I observe that Bitcoin's price levels of $106,668 and beyond are continuing to trend upward, indicating that the overall bullish outlook remains intact. Currently, BTC is trading above all significant moving averages, which are serving as dynamic support levels. Nonetheless, the notable decline in trading volume suggests a waning conviction among traders, with neither bulls nor bears strongly backing current prices. The technical structure appears to be tightening, which often signals an imminent breakout. If buying pressure can drive BTC above the $122K threshold with confirmed high volume, it could trigger a rally towards new all-time highs. Conversely, a failure to maintain support at $115K, resulting in a breakdown, would invalidate the current bullish setup and potentially lead to a deeper corrective phase. This scenario underscores the importance of watching key support and resistance levels closely. A breakout with strong volume could accelerate the bullish momentum, while a breakdown might signal a shift in market sentiment. Traders should remain cautious and look for confirmation signals before committing to longer-term positions, especially given the reduced trading volume.