Bitcoin broke above its $105,000 resistance level on Sunday, rising above $106,000 before finding support near $105,200 on Monday. At the time of writing on Wednesday, it rallied and broke above its all-time high of $109,228 set on January 20.
If BTC continues its upward trend into uncharted territory, it could extend the rally toward its next major psychological milestone at $120,000.
The Relative Strength Index (RSI) and Stochastic Oscillator are in their overbought regions, indicating strong bullish momentum. However, traders should be cautious as the chances of a pullback are high due to its overbought condition. The 50-day Simple Moving Average (SMA) is on the verge of crossing above its 200-day SMA, signaling a potential golden cross on the daily chart. If the crossover occurs, it would confirm another buy signal.
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