Bitcoin Breaks Consolidation, Achieves New ATH

Bitcoin (BTC) has finally broken out of its long consolidation range, sweeping liquidity and propelling the price to a new all-time high (ATH) of $123,226. This significant milestone confirms the bullish strength and suggests that the uptrend is likely to continue with higher targets ¹.

Key Highlights

- *New ATH*: Bitcoin reached $123,226, surpassing previous records and solidifying its position as a leading cryptocurrency.

- *Consolidation Breakout*: The breakout from the consolidation range indicates a potential continuation of the broader bullish trend.

- *Support and Resistance*: Key support levels include $115,729, while resistance is observed at $119,556, making these crucial pivot levels for intraday strategies.

Technical Indicators

- *Moving Averages*: Bitcoin's 10-day, 20-day, 30-day, 50-day, 100-day, and 200-day exponential moving averages (EMAs) and simple moving averages (SMAs) are aligned above key support levels, confirming underlying strength.

- *Momentum Indicators*: The moving average convergence divergence (MACD) and momentum suggest strength, while the average directional index (ADX) at 25 and the Awesome oscillator at 9,866 remain neutral ¹.

Future Outlook

- *Potential Targets*: Analysts predict Bitcoin could reach $126,500, based on the "Cup and Handle" pattern, a technical analysis chart pattern.

- *Support Zones*: A crucial support level is marked below the broken channel, indicating a potential area for price reversal.

- *Resistance Levels*: Bitcoin may face resistance near $123,200 and $125,000, with a successful close above these levels potentially leading to further increases.

Trading Strategies

- *Bullish Scenario*: If Bitcoin holds above the support level, a strong move upwards toward $126,500 could be expected.

- *Bearish Scenario*: A failure to hold support could result in further downside toward lower key levels ².