Bitcoin currently trades near the $112,000 level, with analysts identifying key resistance levels near $124,000 and support zones between $111.4K and $112K. These levels play a significant role in determining Bitcoin’s future price movements. Analysts are analyzing past market cycles for insights into the current market behavior. 2021 saw Bitcoin consolidating near $40,000- $45,000 before breaking out toward $69,000. However, this time around, Bitcoin dominance is above 58%, indicating a more prominent role in market activity compared to the past. The current consolidation pattern is reminiscent of August 2020, where similar levels of support and resistance were observed before a subsequent breakout.