Bitcoin’s price began a rapid rise and was trading above $126,000. BTC has now achieved a consolidation of gains, and could aim to achieve more in the near future.
- Bitcoin began a significant increase over the $125,000 area.
- Price is above 124,000 dollars and 100-hour Simple Moving Average.
- On the hourly chart for the BTC/USD, there is a bullish trendline forming. The support level of $124.200 (data from Kraken) can be seen.
- It is possible that the pair will continue to rise if they clear $125.500.
Bitcoin Price sets New ATH
Bitcoin managed to remain above the $122,000 area and began a new trend. fresh increase. BTC settled over the $123,500 zone resistance to begin the current move.
The bulls were successful in pushing the price over the levels of $125,000, and $125,500. The bulls even broke the 126,000 mark. Prior to a slight pullback, the price reached a new peak at $126,198. Price traded under the Fib level for the recent wave between the swing low of $122,230 and the high of $126198.
Bitcoin now trades at more than $124,000. 100 hourly Simple moving average. On the hourly chart for the BTC/USD, a short term bullish trend is also forming, with support of $124,200.
The immediate resistance to the upside lies near $125.250. First key resistance near $125.500. The next possible resistance is $126.200. If the price closes over the resistance of $126.200, it could send the market higher. Price could test resistance at $126.500 in this case. If there are any further gains, it is possible that the price will rise to the 128,000-level. Bulls may face a next hurdle of $130,000.
Downside Correction In BTC?
Bitcoin may start another decline if the resistance level of $125.500 is not overcome. The trendline and $124,200 are the nearest immediate support levels. The $123,250 Fib retracement or first major support level is located near this level.
In the near term, the next support will be located in the zone of $122,500. If the price continues to fall, it could soon reach the 121,200 level. BTC may struggle to recover if it falls below $120,500.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $124,200, followed by $123,250.
Major Resistance Levels – $125,500 and $126,500.
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Source: www.newsbtc.com
