📈 Bitcoin Eyes $120K: Technicals Suggest Bullish Continuation – May 26, 2025
Bitcoin (BTC) is trading at $109,890, approaching its all-time high of $111,970. The daily RSI stands at 62, indicating bullish momentum without being overbought. U.TodayBlockchain News
Key Technical Indicators:
50-Day SMA: Currently at $95,244, providing strong support.
200-Day SMA: At $86,640, reinforcing the long-term uptrend.
Fibonacci Extension: The 1.618 level projects a target near $119,000, aligning with current bullish patterns. Finbold+1CoinDesk+1Phemex
On-Chain Metrics:
Whale Accumulation: Large holders have increased their BTC holdings by over 50,000 BTC in the past week, signaling strong institutional confidence.
Exchange Reserves: A decline in BTC reserves on exchanges suggests reduced selling pressure and a preference for holding. CoinDesk+2Blockchain News+2CoinDesk+2Cryptoquant
Market Sentiment:
Low funding rates indicate a healthy, spot-driven rally, reducing the risk of leveraged corrections. Blockchain News+1BeInCrypto+1
Conclusion:
With strong technical support and positive on-chain data, BTC is poised to challenge the $120K mark. Traders should monitor for a confirmed breakout above $111K to validate this upward trajectory.
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