Bitcoin Breaks $120K—Bulls Etch Another Chapter in Crypto History

Bitcoin price rose over $116,500. BTC is up 2%, trading at a new high, and may rise past $122,000.

Bitcoin rose beyond $118,500 again.
The price is over $118,500 and the 100-hour SMA.

The hourly BTC/USD chart shows a bullish trend line with support at $119,000.

The pair may increase if it breaks $122,000 barrier.

Bitcoin Price Hits ATH

Bitcoin price extended its rise after breaking $115,500 barrier. BTC accelerated beyond $116,000 and $118,500 barrier.

Bulls pushed the pair beyond $120,000 resistance. A new all-time high was reached at $122,550, and the price is consolidating gains above the 23.6% Fib retracement line of the rise from $116,679 swing low to $122,550 high.

Bitcoin is over $120,000 and the 100-hour SMA. The hourly BTC/USD chart shows a bullish trend line with support at $119,000.

Near $122,550 is immediate upward barrier. First major resistance is at $1123,500. The next hurdle may be $124,000.

A closing above $124,000 resistance might boost prices. The price may increase to $128,000 resistance. More advances might push the price beyond $128,800. The goal may be $130,000.

BTC Downside Correction?
Bitcoin may correct below $122,500 if it fails to increase. Near $121,500 is immediate support. First significant support is at $119,500, the 50% Fib retracement level of the upward advance from $116,679 swing low to $122,550 high.

The next support is at $119,000. More losses might push the price toward $118,500. BTC may go below $116,500, the primary support.

The technical indications

The MACD is rising in the positive zone.

Relative Strength Index hourly BTC/USD RSI is over 50.

Major Support Levels: $122,500, $125,000.

Major Resistance Levels: $121,500, $119,000.

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