Analyst: Bitcoin has completed liquidity cleansing, if it holds above $114,000, it will look towards $120,000.

The price of Bitcoin recently broke through the $117,000 mark. Cryptocurrency analyst TehThomas pointed out that market trends are developing according to expected paths, with the next key target aiming at the $120,000 resistance area.

According to the technical analysis published by TehThomas on the TradingView platform, BTC experienced a technical pullback to $112,000 after successfully breaking through its previous high and absorbing the liquidity above.

This pullback has effectively filled the inefficiency created in the previous price movements and completed the liquidity sweep, laying a clearer structural foundation for the subsequent rise. Currently, the price is steadily moving towards the demand zone of a higher time frame, with bullish momentum continuing to accumulate.

Analysts particularly emphasize that the $114,000 level has become an important support level, as this position has successfully withstood downward tests multiple times and has formed a significant "inverted daily gap."

If it can hold this support level, Bitcoin is expected to first undergo a slight technical correction, establish a new price equilibrium zone, and then challenge the target level of $120,000 upwards.

In the final analysis, TehThomas summarized that after Bitcoin completed liquidity absorption, filled the inefficiency zone, and successfully defended the support gap, combined with the continuous upward trend at the daily level, it has further strengthened the overall bullish structure, with the next clear technical target set at $120,000.

The analysis also points out that if the price breaks below the current support and trend line, it could trigger a deeper pullback, testing the structural support area of $11,100 to $11,200. However, before that, the higher low structure remains unchanged.

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