Bitcoin Faces Key Levels: $125k Resistance Vs $118k Support
Bitcoin Price Analysis:
- Bitcoin is currently near its all-time high, reaching around $124,457.
- Key resistance is identified at the $125,000 level with significant sell orders placed there, potentially hindering further upward movement.
- Support levels are noted around $119,500 and $117,500 due to substantial buy orders.
Cautionary Market Outlook:
- The 20-day Exponential Moving Average (EMA20) near $118,447 is a critical support level. Maintaining above this could sustain the bullish trend.
- A drop below the 30-day Moving Average (MA30) at approximately $116,415 may lead to a larger correction towards $112,000-$113,000.
- The market is watching to see if Bitcoin breaks $125,000 or tests lower support zones.
Currently, Bitcoin is valued at about $122,100, showing a growth of 1.6% over the last day.
