Bitcoin price faces strong resistance around $120,000 despite EMA bullish

Bitcoin is consolidating around $116,000, technical indicators show bullish momentum, short-term moving averages aligned with long-term moving averages, and the MACD indicator turns positive. Key resistance is between $119,841 and $119,954, and support is at $112,546. Order book data shows that there is a competition at $116,038, and the 6 BTC buy price and 8 BTC sell price are in a standoff, indicating that the market is in a balanced state in the short term. A breakout above $116,100 may face higher resistance, while a break below $115,800 may trigger a downward trend towards $112,546.