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BTC Flips $120K Into Support, Can Bulls Push BTC to New All-Time High?

Bitcoin (BTC) price chart

Bitcoin was buying and selling round $120,000 at press time, up barely within the final 24 hours and 10% over the previous week. The present 24-hour buying and selling quantity is roughly $64.2 billion. Traders are actually watching the $120,000 stage to see if it is going to act as new assist, following a day by day shut above this key space.

Notably, the latest breakout is being in contrast to an identical transfer in mid-August, the place a day by day shut above $120,000 led to a bounce towards $124,000 ATH. The value habits round this stage might assist verify the subsequent course within the brief time period.

$120K Breakout Mirrors August Move

Analyst Rekt Capital posted that Bitcoin has carried out a day by day shut above the $120,000 mark. In August, an identical shut led to a profitable retest of the identical stage as assist, adopted by a push towards $124,500. The chart exhibits each occasions marked with inexperienced circles.

Current value motion is displaying a repeat of that setup. If the extent holds, the market might purpose for $123,350 and past. If it fails to maintain, close by helps are situated round $117,288 and $114,249. In one other post, Rekt Capital added that Bitcoin can also be testing a 2.5-month downtrend line close to $119,000.

Additionally, on the weekly timeframe, the analyst referred to the potential of Bitcoin coming into “Price Discovery Uptrend 3.” The long-term chart exhibits a sample that started in early 2023, the place the value breaks out, retests resistance as assist, and continues larger.

That construction has repeated at a number of phases. Bitcoin is now positioned at $120,000, and a weekly shut above this stage might assist a continuation into new territory. A inexperienced zone on the chart marks the potential space for this motion.

Bitcoin (BTC) price chart
Source: Rekt Capital/X

Momentum May Slow as RSI Peaks

On the 4-hour chart, analyst Ted Pillows identified that the RSI has reached 80.18, the very best stage since July. The studying locations BTC in overbought circumstances on that timeframe.

The RSI studying might recommend a pause or consolidation part after the latest rally from beneath $110,000.

Monthly Chart Targets $203K by Year-End

Crypto Seth supplied a long-term chart that exhibits BTC inside a development channel. He famous the previous rallies within the ultimate quarter of the earlier cycles: 368% in 2017 and 83% in 2021. Based on that, the analyst is now contemplating a 70% rise to round $203,530 by the top of 2025.

The chart exhibits that the value stays properly inside the bounds of the channel.

The construction stays intact, with no alerts of a market prime but.

The put up BTC Flips $120K Into Support, Can Bulls Push BTC to New All-Time High? appeared first on CryptoPotato.

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