Bitcoin has recently shown a modest uptick, sparking discussions about its immediate trajectory and longer-term potential. Market analysts are closely watching key price levels to determine if the cryptocurrency can sustain its momentum or if a correction is on the horizon.
Immediate Price Action and Short-Term Outlook
Over the past 24 hours, Bitcoin (BTC) has seen a slight increase of 0.72%, currently trading around $122,982. On the hourly chart, BTC successfully rebounded from a local support level of $122,869. If the daily trading bar closes significantly above this point, analysts anticipate a potential rise towards the $123,500 mark. However, a crucial point of concern on a larger timeframe is a recent false breakout above the $124,517 resistance. Should buyers fail to reclaim control, there's a risk that sellers could drive the price down, potentially retesting the $121,000 area.
Midterm Trends and Potential for New Highs
Looking at the midterm perspective, the closure of the weekly candle relative to the $124,517 level is paramount. A decisive weekly close above this significant resistance point would signal strong bullish sentiment, potentially paving the way for Bitcoin to surge further and establish a new all-time high. This makes the coming week's performance critical for determining Bitcoin's next major move.
