🚀 Bitcoin Bulls Charge Past $120K — All-Time High Within Reach

On Monday, BTC/USD broke above the critical 120K barrier and reached its highest point in nearly a month (122300).

The recovery leg from the 112K zone (the upper base or the bottom of the pullback from the new record high) has sped up a lot in the last two sessions and has retraced more than 76.4% of the 123261/111871 retreat. This might mean that the corrective phase is almost finished.

The recent rally was fueled by new institutional purchases, rising hopes for Fed rate cuts (after the latest disappointing numbers from the US labor market), and lower rates and a weaker dollar, as well as major positive changes in US crypto market legislation.

The return above 120K added to the positive technical picture (the price action is still supported by an ascending and thickening daily cloud and a converged daily Tenkan/Kijun-sen that is about to cross over and create strong positive momentum). However, the overbought stochastic warns that bulls may run into problems as they approach key resistance (the new record high).

You can clearly see this on the hourly chart: the price dropped from the session high, and corrective action is likely to remain above the broken 120K level (which has become firm support) to maintain the bigger bulls intact for a new push higher and a possible assault on the 123261 top.

A break higher would reaffirm a strong bullish posture and propel the price into new territory. The next objectives are the Fibo predictions (126000, 127600) and the psychological 130K barrier.

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