Bitcoin Price Surges Above $126,000 Amidst Bullish Momentum
Bitcoin Price Analysis
- Bitcoin surged above the $125,000 mark and is now trading over $124,000, maintaining strength above the 100 hourly Simple Moving Average.
- A bullish trend line with support at $124,200 is developing on the BTC/USD hourly chart.
- The recent peak was at $126,198, followed by a slight pullback to below the 23.6% Fib retracement level from $122,230 to $126,198.
- Immediate resistance levels are at $125,250 and $125,500, with potential further resistance at $126,200.
- If Bitcoin surpasses $126,200, it may target $126,500 and possibly $128,000 or $130,000.
Potential Downside
- If Bitcoin fails to break $125,500 resistance, a decline might occur.
- Support levels to watch are $124,200, $123,250, and $122,500.
- A drop below $120,500 could hinder short-term recovery.
Technical Indicators
- Hourly MACD: Gaining momentum in the bullish zone.
- Hourly RSI: Above 50, indicating bullish strength.
- Major Support Levels: $124,200 and $123,250.
- Major Resistance Levels: $125,500 and $126,500.