$BTC price is making steps toward the pivotal level of $120,000, following a steady rebound from the support level tested at around $115,736 on Tuesday. The path of least resistance is upward, supported by the Relative Strength Index (RSI) reversal to 66 after falling to 61. This shows that bulls are gradually regaining control and portray the potential to break above $120,000 in upcoming sessions.
All the moving averages, including the 50-period Exponential Moving Average (EMA) currently at $111,602, the 100-period EMA at $108,277 and the 200-day EMA at $103,609 on the 12-hour chart, support the bullish structure. $BTC could also find support at these key levels in case declines accelerate due to changing market dynamics and profit-taking.
