Bitcoin (BTC) is showing renewed bullish signals as the leading cryptocurrency inches closer to reclaiming the $120,000 mark. After a brief consolidation below $118,500, the price is now holding steady above $118,600 and the 100-hour Simple Moving Average, indicating strong market support.
According to data from Kraken, BTC formed a key bullish trend line with support around $118,200. The latest price action has positioned Bitcoin for another potential upward move, with key resistance now sitting at $120,000 and $120,250. A clear breakout above these levels could set the stage for a surge toward $122,500 and possibly $123,200 in the coming sessions.
Technical Overview: BTC/USD Pair
Bitcoin began its fresh move higher after successfully holding support near the $117,500 zone. The price found support at the 50% Fibonacci retracement level, measuring the correction from the $116,260 low to the $120,237 high. Despite a dip, bulls held the line, and the pair has since regained strength.
Immediate resistance lies at $119,300, with stronger resistance at $120,000. A confirmed close above $120,250 would likely ignite a broader rally, with the next significant resistance levels pegged at $122,500 and $123,200.
However, if Bitcoin fails to sustain momentum above $120,250, another downward move could be triggered. Immediate support lies at $118,500, followed by $117,200. A drop below $116,250 could open the door for further losses, potentially reaching $115,000 or even $113,500.
Indicators Signal Bullish Momentum
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Hourly MACD: Gaining momentum in the bullish zone
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Hourly RSI: Now above 50, suggesting strength
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Key Support Levels: $118,200, $117,200, and $116,250
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Key Resistance Levels: $119,300, $120,250, and $122,500
Market Outlook
Bitcoin remains firmly in bullish territory as long as it maintains support above $118,000. If bulls manage to push the price past $120,250, the next leg of the rally could be underway. However, traders are advised to watch key levels and trade cautiously amid potential volatility.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
