🚀 Bitcoin Bulls Smash Through $120K — All-Time High in Sight
On Monday, BTC/USD surged past the crucial $120K mark, hitting a near one-month high of 122,300.
The rebound from the 112K zone — the upper base of the pullback from the record high — has accelerated sharply in the last two sessions, retracing over 76.4% of the 123,261 / 111,871 drop. This signals the corrective phase may be nearing completion.
The rally has been fueled by:
Fresh institutional buying
Rising optimism for Fed rate cuts after weak U.S. labor data
Lower interest rates and a softer dollar
Major positive developments in U.S. crypto regulations
Reclaiming $120K strengthens the bullish technical picture:
Price remains supported by a thickening daily cloud
Daily Tenkan/Kijun-sen lines are converging for a bullish crossover
Momentum is building, though an overbought stochastic warns of possible resistance near the record high
On the hourly chart, BTC pulled back slightly from its session peak, but holding above the newly established $120K support keeps the bullish outlook intact. This sets the stage for another push toward the 123,261 top.
A breakout above this level would confirm strong bullish momentum, targeting Fibonacci projections at 126,000 and 127,600, with the psychological 130K mark next in line.
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