$BTC Takes off beyond $118K! Are the bulls out of fuel or just getting started? 🐂🔥

The latest BTC chart shows Bitcoin breaking through key resistance zones to print a new local high at $118,800. The momentum has been electric, but is it sustainable? Let's break this down:

📊 Price Action:

From a low of $98,208 on June 22, BTC has climbed over +20% in just three weeks. The rally accelerated in early July, supported by increasing volume and a strong rise in short-term moving averages.

📈 Key Technical Indicators:

Moving Averages (MA7, MA25, MA99): Strong bullish alignment with MA7 and MA25 following price action and MA99 trailing well below at around $112K. This gap signals aggressive buying pressure in the short term.

MACD: The bullish crossover earlier this month led to a momentum peak on July 11. Since then, the histogram has flattened and the MACD lines are tightening, suggesting a possible slowdown.

RSI (6, 12, 24): Currently in the mid-50s to low-60s after a brief overbought spike. This cooling off could be healthy, providing room for another rise.

📌 Volume:

Notice the volume spike at the breakout at $118K. However, the subsequent candles show declining volume. Without new buying, the bulls may struggle to maintain these levels.