#TrumpBitcoinEmpire is heređ. Bitcoin blasts through a new all-time high, soaring past $123,400, and the crypto world is buzzing! The big question on Binance Square: Can $BTC hold its ground above the crucial $120,000 mark by the end of this week? On the Myriad prediction market, powered by Dastan, traders are neck-and-neckâ51% are bullish, betting Bitcoin will maintain its momentum, while 49% lean bearish, anticipating a pullback.Right now, $BTC is trading at $119,900, testing a descending trendline thatâs capped prices since the July 14 high. The technicals are setting the stage for a showdown.đ„
The Squeeze Momentum Indicator on the 4-hour chart is flashing signs of a coiled market, ready for an explosive move. Historically, when this indicator shows compression with the âsqueeze onâ signal, it often leads to sharp directional breaks. However, the Average Directional Index (ADX) at 12.8 signals a lack of trend strength, cautioning bulls about a potential false breakout. For context, ADX below 20 suggests no clear trend, while above 25 confirms one.Despite the weak ADX, the bullish structure remains intact. The 50-day Exponential Moving Average ($116,400) sits comfortably above the 200-day EMA, forming a bullish ribbon that traders love to see for medium-term strength. The Relative Strength Index (RSI) at 62 shows steady upward momentum without hitting overbought territory (above 70), leaving room for more upside. Still, declining trading volume on this climb raises the risk of rejection at the psychological $120,000 level.
Key levels to watch: immediate resistance at $120,000, with stronger resistance at the recent high of $123,400. On the downside, support lies at $117,700, aligning with the Volume Profileâs Point of Control. A break above $120K could ignite fresh bullish fire, while a dip below support might empower the bears. With global markets eyeing Bitcoinâs next move, the stage is set for a thrilling week.
Will $BTC cement its dominance, or will profit-takers strike? Share your take below!