Bitcoin Eyes $120K — New All-Time High in Sight

Bitcoin price hits $119,999 on Monday, approaching a psychological milestone.

Positive technical indications and buying pressure maintain bullish momentum.

BTC may approach $132,372, its 127.20% Fibonacci level.

Bitcoin (BTC) hits a new record high of $119,999 on Friday, showing no signs of slowing. Momentum indications are strong and price action is in price discovery phase, with the next objective over $130,000.

Next Bitcoin target: $130,000

Bitcoin reached price discovery on July 9 and has risen toward $120,000, a psychological milestone for speculators. BTC reached $119,999 early on Monday during Asian trade, a new all-time high and the closest it has been to the milestone.

Bitcoin is anticipated to rise as the two daily momentum indicators reflect positive momentum. RSI is 76, and MACD flashes green histogram bars above the neutral line.

On the BTC/USDT daily price chart, $132,372 is the 127.20% Fibonacci retracement level of Bitcoin's run from April's low of $74,508 to the new all-time high of $119,999.

BTC may prolong its slide to support at the lower border of a Fair Value Gap (FVG) around $115,222 if it corrects.

As BTC rises towards its new top, derivatives traders liquidated $76 million in shorts in the previous 24 hours, indicating a bullish/bearish long/short ratio over 1. Thus, more derivatives traders predict Bitcoin to rise.

Bitcoin started crypto week with a tremendous surge, but macroeconomic events may cause a drop.

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