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Could Bitcoin Hit $120K Soon? Here’s Why It’s Possible!
In recent developments in the world of cryptocurrency, Bitcoin has once again surged past the $115,500 mark, igniting discussions across various platforms. For enthusiasts and investors keeping tabs on bitcoin news, this movement signals a robust upward trajectory that might just breach the $120,000 resistance zone.
Currently, Bitcoin is in a phase of consolidation after its notable ascent. Trading well above $115,500 and the 100 hourly Simple Moving Average, the crypto giant shows promising potential for further gains. A pivotal bullish trend line supports this optimism, extending its base at $115,600 on the hourly BTC/USD chart, a setup noted on data feeds like Kraken.
What’s Driving Bitcoin’s Price?
The recent rally began after Bitcoin found solid footing near the $112,200 level. It overcame several key resistance levels, including those at $113,500 and $114,800, eventually surpassing $115,500 to enter a positive zone. After testing the $117,500 resistance, the highest recorded price was $117,643, consolidating above the 23.6% Fibonacci retracement level of the recent hike from a $112,629 low to a $116,643 high.
Potential Resistance and Support Levels
Looking forward, Bitcoin faces immediate resistance around $117,200, with more significant barriers at $117,500 and $118,250. Should it successfully break through these, the next logical targets could be $119,200 and potentially $120,000, with aspirations to touch $121,500.
Conversely, if Bitcoin cannot sustain its momentum above the $117,500 mark, a downtrend might ensue. Immediate support is found near $116,450, with major support at $115,600 along the trend line. Further support could appear near the $114,550 zone or the 61.8% Fibonacci level, potentially leading to a fallback to as low as $113,800 in the near term, with critical support stationed at $112,500.
Technical Indicators to Watch
The Hourly MACD is currently losing steam in the bullish zone, which warrants attention. However, the Relative Strength Index (RSI) for the BTC/USD pair remains above the 50 level, suggesting that there is still some upward momentum left in the market.
Navigating the Cryptocurrency Market
For those interested in deeper insights and strategies on cryptocurrency investments, consider exploring more resources and analyses on cryptocurrency trading. Additionally, for anyone looking to engage further in the crypto space, informative and strategic resources are available at Binance.
As Bitcoin continues to fluctuate, staying informed through timely and detailed bitcoin news can be crucial for both seasoned investors and newcomers to the cryptocurrency market. The current market dynamics suggest that while the path to $120,000 may have its challenges, the momentum observed presents a compelling case for Bitcoin’s potential ascent to new heights.
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