Bitcoin Price Hits $120K Milestone — Bulls Make | Crypto News
Bitcoin price began a contemporary increase above the $116,500 zone. BTC is now up over 2%, traded to a new high, and would possibly prolong positive factors above the $122,000 stage.
- Bitcoin began a contemporary increase above the $118,500 zone.
- The price is trading above $118,500 and the 100 hourly Simple shifting average.
- There is a bullish pattern line forming with assist at $119,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may proceed to rise if it clears the $122,000 resistance zone.
Bitcoin Price Sets New ATH
Bitcoin price began a contemporary increase after it cleared the $115,500 resistance zone. BTC gained tempo for a transfer above the $116,000 and $118,500 resistance.
The bulls even pumped the pair above the $120,000 resistance zone. A new all-time high was shaped at $122,550 and the price is now consolidating positive factors above the 23.6% Fib retracement stage of the upward transfer from the $116,679 swing low to the $122,550 high.
Bitcoin is now trading above $120,000 and the 100 hourly Simple shifting average. There is also a bullish pattern line forming with assist at $119,000 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is close to the $122,550 stage. The first key resistance is close to the $1123,500 stage. The next resistance might be $124,000.
A close above the $124,000 resistance would possibly ship the price additional larger. In the acknowledged case, the price may rise and take a look at the $128,000 resistance stage. Any more positive factors would possibly ship the price toward the $128,800 stage. The foremost goal might be $130,000.
Downside Correction In BTC?
If Bitcoin fails to rise above the $122,500 resistance zone, it may begin a draw back correction. Immediate assist is close to the $121,500 stage. The first main assist is close to the $119,500 stage or the 50% Fib retracement stage of the upward transfer from the $116,679 swing low to the $122,550 high.
The next assist is now close to the $119,000 zone. Any more losses would possibly ship the price toward the $118,500 assist in the close to time period. The foremost assist sits at $116,500, below which BTC would possibly proceed to transfer down.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $122,500, adopted by $125,000.
Major Resistance Levels – $121,500 and $119,000.
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