Today's analysis shows that Bitcoin is at a critically strong area, requiring close monitoring:
✅ Key technical points commenting on your view:
1. **Resistance ~58,000$ (Currently around 120,000$ actually)**
The 58–62 K area is considered a major resistance according to Crypto Rover.
Breaking it could open the door for further upward movement towards 68–72 K.
2. RSI indicates overbought conditions
RSI has exceeded 70 (+ above 75 according to Lookonchain), which is a warning of a potential short-term correction.
At the same time, bullish momentum is shown from the price increases of the past days +9%-12%.
3. **Moving Averages Convergence (Golden Cross)**
The 50-day crossing above the 200-day indicates a positive medium-to-long-term signal, reinforcing the positive scenario.
4. Formation of Cup-and-Handle pattern
A technical analyst (like Katie Stockton) points to a Cup-and-Handle pattern and it may reinforce bullish momentum towards a target of 134 K (~+14%).
5. Current price action
Currently, the price stands at levels ~120–122 K, indicating market vitality and a clear struggle between buyers and sellers.
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