BTC/USD has smashed through the crucial $120K level, hitting $122,300 — its highest in nearly a month. This surge follows a powerful rebound from the $112K zone, retracing more than 76.4% of the recent pullback from the $123,261 peak. The charts are now hinting that the corrective phase could be nearing its end.
Momentum picked up sharply over the past two sessions, fueled by:
✅ Fresh institutional inflows
✅ Growing optimism over Fed rate cuts (after weak US jobs data)
✅ Softer dollar and lower rates
✅ Major pro-crypto legislative progress in the US
Technically, the outlook remains strong:
Price action is well-supported by an ascending, thickening daily Ichimoku cloud
Tenkan/Kijun-sen lines are converging, with a bullish crossover in sight
$120K now flips from resistance to solid support
⚠ However, with the stochastic indicator in overbought territory, bulls may face turbulence near the all-time high at $123,261.
On the hourly chart, we can see the slight pullback from session highs. As long as BTC holds above $120K, the bullish structure remains intact — setting the stage for another breakout attempt.
📈 Break Above $123,261 Could Open the Gates to:
$126K (Fib extension)
$127.6K
The psychological $130K milestone
🔥 The market is heating up — this could be the start of the next leg into uncharted territory.
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