$BTC Currently trading around $117,678, showing slight volatility with a -0.01% change over the past 24 hours. The market cap stands at approximately $2.34 trillion, with a 24-hour trading volume of $97.46 billion. BTC continues to exhibit strong bullish momentum, supported by institutional interest and positive market sentiment.

Key Technical Indicators Moving Averages (MA): The 5-day MA ($108,409.63), 20-day MA ($106,703.82), 50-day MA ($106,692.89), and 200-day MA ($96,596.44) all suggest a "Strong Buy" signal, as the current price of $117,678 is well above these levels.

The 50-day and 200-day exponential moving averages (EMAs) at $105,287.87 and $101,520.35, respectively, further confirm bullish momentum.

Relative Strength Index (RSI): RSI (14) is at 54.83, indicating neutral momentum. While not overbought, RSI above 70 on shorter timeframes suggests strong short-term buying pressure. A rising RSI trend supports the bullish outlook, but traders should watch for potential overbought conditions.

Support and Resistance: Support: Key support levels are at $110,000 and $105,000. These levels have held firm in recent corrections and could act as a floor in case of a pullback.

Resistance: No significant resistance is noted above the current price, with the next psychological level near $120,000. The recent high of $112,000 was breached, reinforcing bullish sentiment.

Bullish Case: Bitcoin’s breakout above $107,710 and lack of immediate resistance suggest potential to test $120,000 or higher in the near term, especially if market sentiment remains positive during #USCryptoWeek. Traders could look for long positions on dips toward $110,000, with stop-losses below $105,000.

Bearish Case: A short-term correction could occur if RSI hits overbought territory or if macroeconomic factors (e.g., Middle East tensions or U.S. policy shifts) dampen risk appetite. A drop below $110,000 could test support at $105,000.