Bitcoin's Crucial Juncture: Can Bulls Push Past $120K?

Bitcoin (BTC) is currently navigating a period of consolidation, correcting recent gains below the $121,200 mark. The cryptocurrency is hovering around key support levels, and its next move could define its short-term trajectory, with eyes on breaking through resistance or facing further declines.

Bitcoin Price Holds Key Support

After failing to extend gains beyond $122,250, Bitcoin initiated a downside correction, trading below $121,200 and even dipping under the $120,500 level. Despite this pullback, BTC has maintained its position above $118,000 and the 100 hourly Simple Moving Average. A notable bullish trend line on the hourly chart offers support near $118,600. For a renewed upward momentum, Bitcoin needs to decisively clear the $120,250 resistance. A successful breakout could pave the way for a rally towards $120,850, with potential targets extending to $122,250, $124,000, and ultimately, the $125,000 psychological barrier.

More Losses In BTC?

Should Bitcoin struggle to surpass the $120,500 resistance zone, it risks further depreciation. Immediate downside support is anticipated around $118,600, coinciding with the 61.8% Fibonacci retracement level of its recent upward move. A more significant support lies near $117,800, followed by $116,550. A break below these levels could see Bitcoin testing the $115,500 support, with the primary bearish target set at $113,500. Technical indicators offer mixed signals; the Hourly MACD is currently losing bullish momentum, and the Hourly Relative Strength Index (RSI) is positioned below the 50 level, suggesting a weakening bullish sentiment in the short term.