Bitcoin Soars Past $120K: New ATH and Future Predictions
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Bitcoin has surged to a new all-time high of $122,550, exceeding the $120,000 resistance level. This significant increase follows a steady climb above the $115,500, $116,000, and $118,500 resistance zones. The price is currently consolidating above the 23.6% Fibonacci retracement level of its recent upward movement. Technical indicators such as the hourly MACD and RSI support this bullish trend, with the MACD gaining momentum in the bullish zone and the RSI above the 50 level. The hourly chart shows a bullish trend line forming with support near $119,000. However, the market remains volatile. Should Bitcoin fail to surpass the $122,550 resistance, a downside correction could occur, with immediate support levels at $121,500, $119,500 (50% Fibonacci retracement), and $119,000. Further declines could push the price towards $118,500 and eventually $116,500. Conversely, a decisive break above the $124,000 resistance could propel Bitcoin towards $128,000, $128,800, and potentially even $130,000. The current price action showcases the interplay between bullish momentum and potential corrections, highlighting the unpredictable nature of cryptocurrency markets. Traders are closely monitoring resistance levels near $122,550 and $123,500, as well as support levels near $119,000 and $116,500, to gauge the short-term trajectory of Bitcoin's price. The overall sentiment remains bullish, but caution is warranted given the inherent volatility of the crypto market.
(Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-hits-120k/)
