Bitcoin Rockets to New All-Time Highs, Bulls Set Sights on $128,000 Bitcoin has achieved a significant milestone, surging to a new all-time high and cementing its position above the crucial $121,200 mark. The leading cryptocurrency is currently consolidating its impressive gains, with market sentiment overwhelmingly bullish as investors eye a decisive breakout beyond the $124,000 resistance.
Bullish Momentum and Lofty Price Targets
Following a strong base established above $118,500, Bitcoin initiated a fresh rally, swiftly overcoming resistance at $120,000 and $120,500. The momentum propelled BTC to a peak near $123,973, marking a new record. The price maintains a bullish posture, consistently trading above $122,000 and the 100-hourly Simple Moving Average. A critical bullish trend line with support at $120,200 further reinforces this upward trajectory. Should Bitcoin successfully breach the $124,000 resistance, it could target further milestones at $124,500, $125,000, and potentially extend its climb towards $126,250, with ultimate sights on $127,000 and a major target of $128,000.
Key Support Levels and Potential Corrections
While the immediate outlook remains strong, a failure to surpass the $124,000 resistance could trigger a correction. Initial support is identified around $122,750. The first significant support level, which aligns with the 50% Fib retracement of the recent upward swing, lies near $121,500. Further downside could see the price testing $120,200 and, in a more bearish scenario, retesting the $118,500 support. The ultimate critical support is at $117,500, a level below which sustained downward movement could occur.
Technical Indicators Confirm Upbeat Outlook
Technical analysis corroborates the bullish sentiment. The Hourly MACD (Moving Average Convergence Divergence) is firmly positioned in the bullish zone, indicating strong buying pressure. Similarly, the Hourly RSI (Relative Strength Index) for BTC/USD is trading comfortably above the 50 level, signaling sustained strength. These indicators collectively suggest that despite potential minor pullbacks, the path of least resistance for Bitcoin currently points upwards.
