$BTC Towards $120,000 🎯🎯🎯🎯🎯
Bitcoin is around the upper boundary of the consolidation zone that was previously broken at $108,355 on Wednesday. BTC surged to a new all-time high of $116,868 on Thursday. As of this news being written on Friday, the price continues to set new records at $118,869.
As BTC enters price discovery mode, and if the upward trend continues, this could continue the rally towards the key psychological level of $120,000.
The Relative Strength Index (RSI) on the daily chart reads 73, above the overbought level of 70, indicating strong bullish momentum.
However, traders should be cautious as the likelihood of a pullback is quite high due to overbought conditions. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover at the end of June.
It also shows increasing green histogram bars above its neutral zero line, indicating that bullish momentum is gaining strength and continuing the upward trend.
