$BTC Technical Breakout Analysis

Overview: Bitcoin has successfully break the key $119,000–$120,000 resistance zone, signaling renewed bullish momentum. Key technical indicators support the breakout, though some suggest caution due to overbought conditions.

MACD Bullish Crossover – The MACD line crossed above the signal line (1,340 vs. 809), indicating strengthening upward momentum.

RSI(7) at 78.41 – Currently in overbought territory, reflecting strong buying pressure; while this confirms short-term momentum, it may prompt a pullback if not sustained.

Next Upside Target – The next key resistance lies at $126,875, corresponding to the 127.2% Fibonacci extension level of the prior pullback.

While the technical setup favors further upside, traders should monitor for signs of exhaustion given the stretched near-term indicators.