Bitcoin Price Soars to New Peak, Eyes Further Ascent
Bitcoin has recently showcased a significant bullish momentum, pushing its price above the crucial $126,000 mark and setting a new peak. After consolidating these impressive gains, the cryptocurrency is now poised for its next potential upward move, with analysts keenly observing key resistance levels that could dictate its immediate trajectory.
Bullish Surge and Key Resistance Levels
The world's leading cryptocurrency initiated a strong ascent, successfully breaking above the $122,000 and $123,500 resistance zones to kickstart a fresh rally. Bulls capitalized on this momentum, driving the price past $125,000 and even clearing the $126,000 hurdle to establish a new high at $126,198. While a minor pullback followed, Bitcoin remains trading comfortably above $124,000 and the 100 hourly Simple Moving Average. Immediate upside resistance is anticipated near $125,250, with the first major resistance at $125,500, followed by $126,200. A decisive close above the latter could propel Bitcoin towards the $126,500 and potentially the $128,000 levels, with the ultimate short-term target for bulls sitting at $130,000.
Potential Downside and Support Zones
Despite the strong upward trend, a failure to breach the $125,500 resistance zone could trigger a downside correction. Initial support lies near the $124,200 level, coinciding with a short-term bullish trend line on the hourly chart. A more significant support area is found near $123,250, which represents the 76.4% Fib retracement level of the recent swing from $122,230 to $126,198. Should Bitcoin dip further, the next key support levels are at $122,500 and $121,200, with a major support floor at $120,500, below which recovery efforts could face considerable challenges. Technical indicators, such as the Hourly MACD, are currently showing increasing bullish momentum, while the Hourly Relative Strength Index (RSI) is holding above the 50 level, suggesting continued positive sentiment in the short term.
