Bitcoin Eyes $123K Breakout—Is an Explosion Incoming?

Bitcoin is trying to break $120,000. BTC is stabilizing and may rise steadily toward $125,000.

Bitcoin rose again from $115,800.
The price is over $119,000 and the 100-hour SMA.

BTC/USD broke over a negative trend line with resistance around $119,000 on the hourly chart.

If it breaks $120,500 barrier, the pair may rise again.

Bitcoin Price Sees Uptrend

Bitcoin price corrected from $123,200, its new high. BTC touched $115,500 as it fell below $120,000.

The price is trying to rise from $115,730, its low. Bulls pushed the price beyond $118,000 and $118,500 barrier. Price moved beyond the 50% Fib retracement line of the $123,140 swing high to $115,730 low.

BTC/USD broke over a negative trend line with resistance around $119,000 on the hourly chart. Bitcoin is over $119,500 and the 100-hour SMA.

Near $120,200 is immediate upward barrier. Near $121,400 is the first major resistance. It approaches the 76.4% Fib retracement level of the $123,140 swing high to $115,730 low. The next hurdle may be $123,150.

A closing above $123,150 resistance might boost prices. The price may surge to $124,200 barrier. More increases might push the price beyond $125,000. The goal may be $126,200.

Another BTC Drop?
Bitcoin may fall again if it fails to break $121,400. Near $119,000 and the 100 hourly SMA, support is immediate. Near $117,500 is the first big support.

Around $115,500 is the next support. More losses might push the price toward $113,500. BTC may go below $110,500, the primary support.

The technical indications

Hourly MACD - MACD is falling in the positive zone.

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

Major Support Levels: $117,500, $115,500.

Key Resistance Levels: $121,400, $123,150.

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