$BTC /USDT Detailed Analysis:

Bitcoin has experienced a sharp breakout in the past few hours, moving from the $119,000 range to a peak of $121,949 within a strong bullish wave. This rally is supported by high volume, indicating strong participation from buyers and possibly short liquidations fueling the momentum.

Price Action:

On the 1h timeframe, BTC broke above a consolidation phase that lasted for nearly two days, where price was ranging between $117,500 and $119,500.

The breakout candle is large with minimal wick on top, signaling strong conviction from bulls.

The move has pushed BTC above multiple intraday resistance zones, turning them into potential supports.

Support & Resistance Levels:

Immediate resistance: $121,950 (24h high) and $122,300 – a psychological zone where sellers might step in.

Immediate support: $120,700, followed by $119,150 – both are key retest levels that could confirm if the breakout is sustainable.

Major support: $117,500 – last key range low before the breakout.

Market Structure & Indicators:

Market structure has shifted bullish with higher highs and higher lows forming since August 10.

Strong buying volume on the breakout suggests institutions or whales might be involved.

If bulls maintain control, a test of $123,000 – $124,000 in the short term is possible.

However, RSI on the lower timeframes is likely entering overbought territory, which could trigger a short-term pullback or sideways consolidation before another leg up.

Outlook:

Overall bias remains bullish in the short term, but traders should watch for a retest of $120,700 – $119,150 to confirm support. A breakdown below $119,000 would weaken the bullish scenario, while a sustained move above $122,300 could open the path to $124,000+.