Bitcoin's Surge Past $118K: Is a Stronger Bull Run on the Horizon? Bitcoin has recently ignited a fresh wave of bullish momentum, soaring past the significant $118,000 mark. While the cryptocurrency is currently consolidating its impressive gains, market analysts are closely watching key levels to determine if this upward trajectory signals the beginning of an even stronger bullish phase or if a short-term correction is imminent.
Bitcoin's Upward Trajectory
The world's leading cryptocurrency initiated a powerful rally, successfully maintaining its position above the $115,000 zone. This initial push saw bulls propel the price past the $117,000 and $118,000 levels, reaching a recent high of $119,453. Bitcoin is now consolidating these gains, trading comfortably above the $117,000 mark and the 100 hourly Simple Moving Average. A crucial short-term bullish trend line has formed with support at $117,000 on the hourly BTC/USD chart. Should Bitcoin successfully breach the $119,500 resistance, further upward movement is anticipated, potentially testing the $120,500 and even $122,500 levels, with $123,000 posing the next major barrier for buyers.
Potential Pullback and Critical Support Levels
Despite the prevailing bullish sentiment, the market remains vigilant for potential pullbacks. If Bitcoin fails to overcome the $119,500 resistance zone, a fresh decline could commence. Immediate support for such a scenario lies at the $117,000 level and the aforementioned trend line. The first major support point is identified near $116,150. Sustained losses below this could see the price testing the $115,500 zone, with further downward pressure potentially pushing it towards the $114,000 support. The ultimate critical support level is set at $113,500, below which BTC might struggle to recover in the short term. Technical Indicators:
- Hourly MACD: The Moving Average Convergence Divergence is showing increasing momentum within the bullish territory.
- Hourly RSI: The Relative Strength Index for BTC/USD is currently positioned above the 50 level, indicating continued strength. Key Levels to Watch:
- Major Support Levels: $117,000, $116,150, $115,500.
- Major Resistance Levels: $119,500, $120,500.
