Bitcoin Rises Above $124,000 Amidst Consolidation and Potential Rally
Bitcoin Price Analysis
- Bitcoin's price rose above $124,000, maintaining its position above the $122,000 mark and the 100 hourly Simple Moving Average.
- A bullish trend line is forming with support at $123,000 on the BTC/USD hourly chart.
- The price needs to clear $124,500 to continue its upward momentum.
Current Market Dynamics
- Bitcoin held above $120,000 and initiated a new increase, surpassing resistance zones at $121,500 and $123,500.
- The recent high was $125,670, followed by a pullback to $122,250. The price now hovers around the 50% Fib retracement level of this decline.
- Key immediate resistance levels include $124,000 and $124,500, with further potential resistance at $125,500 and $126,500.
- A sustained move above $125,500 could propel Bitcoin towards $128,000 and possibly $130,000.
Potential Downside Risks
- Failure to surpass the $124,500 resistance may lead to a downturn.
- Immediate supports are at $123,000 and $122,250, with stronger support at $121,500.
- If losses extend, Bitcoin might approach the $120,000 support, with critical support at $118,500.
Technical Indicators
- Hourly MACD: Gaining momentum in bullish territory.
- Hourly RSI: Above the 50 level for BTC/USD.