Bitcoin is currently trading near $113,000, with the $112,000 level identified as a crucial support zone. The cryptocurrency has faced resistance around $123,000 to $124,000, leading to its consolidation at approximately $113,283. Analysts emphasize the importance of the $112,000 support, warning of potential declines to $110,400 or $109,000 if breached. Despite some institutional caution, data from Glassnode shows a 10.1% increase in conviction buyers. BlackRock and Ark Invest have reduced their Bitcoin holdings, although BlackRock's ETF has reached a record $91 billion in assets. Cathie Wood remains optimistic, forecasting Bitcoin could hit $1.5 million with increased adoption.