Bitcoin Price Hits $120K Milestone — Bulls Make History Again

Bitcoin worth began a contemporary improve above the $116,500 zone. BTC is now up over 2%, traded to a brand new excessive, and may prolong beneficial properties above the $122,000 degree.

• Bitcoin began a contemporary improve above the $118,500 zone.
• The value is buying and selling above $118,500 and the 100 hourly Easy shifting common.
• There’s a bullish development line forming with help at $119,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might proceed to rise if it clears the $122,000 resistance zone.

Bitcoin Value Units New ATH

Bitcoin worth began a contemporary improve 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 brand new all-time excessive was fashioned at $122,550 and the value is now consolidating beneficial properties above the 23.6% Fib retracement degree of the upward transfer from the $116,679 swing low to the $122,550 excessive.

Bitcoin is now buying and selling above $120,000 and the 100 hourly Easy shifting common. There’s additionally a bullish development line forming with help at $119,000 on the hourly chart of the BTC/USD pair.

Fast resistance on the upside is close to the $122,550 degree. The primary key resistance is close to the $1123,500 degree. The subsequent resistance might be $124,000.

An in depth above the $124,000 resistance may ship the value additional greater. Within the acknowledged case, the value might rise and check the $128,000 resistance degree. Any extra beneficial properties may ship the value towards the $128,800 degree. The primary goal might be $130,000.

Draw back Correction In BTC?

If Bitcoin fails to rise above the $122,500 resistance zone, it might begin a draw back correction. Fast help is close to the $121,500 degree. The primary main help is close to the $119,500 degree or the 50% Fib retracement degree of the upward transfer from the $116,679 swing low to the $122,550 excessive.

The subsequent help is now close to the $119,000 zone. Any extra losses may ship the value towards the $118,500 help within the close to time period. The primary help sits at $116,500, beneath which BTC may proceed to maneuver down.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.

Main Help Ranges – $122,500, adopted by $125,000.

Main Resistance Ranges – $121,500 and $119,000.