100-hourly Simple Moving Average, with bullish momentum still intact.
Fresh Breakout Above $122K
BTC formed a solid base above $118,500 before rallying past the $120,000 and
$120,500 resistance levels. Momentum intensified as the price pushed through $122,000,
setting a fresh ATH at $123,973.
The current price action shows Bitcoin holding gains above the 23.6% Fibonacci retracement level of the move
from $118,971 to $123,973. A bullish trend line has emerged with key support
near $120,200 on the hourly BTC/USD chart.
Resistance Levels to Watch
Immediate resistance is at $124,000, followed by $124,500. A decisive break above
$125,000 could open the path toward $126,250, with $128,000 as the main target.
Should bulls maintain control, the next upside zone beyond $128K could be tested, fueled by high trading activity
and strong technical alignment.
Limited Downside Risks?
If Bitcoin fails to clear the $124,000 resistance, a short-term pullback is possible. Initial support lies near
$122,750, followed by $121,500 — the 50% Fib retracement level of the recent rally.
Further declines may retest $120,200, with major support at $118,500. A break below
$117,500 could trigger deeper losses.
Technical Indicators
- Hourly MACD: Gaining strength in the bullish zone.
- Hourly RSI: Above the 50 mark, signaling buying momentum.
- Major Support Levels: $122,750, $120,200, $118,500
- Major Resistance Levels: $124,000, $125,000, $126,250, $128,000
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.
