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- Bitcoin surged to $119,181, marking a 0.82% increase in the past 24 hours, while trading volume rose by 13.59%.
- A crucial range between $115K and $120K suggests a potential breakout or reversal in the near future.
- RSI at 64.38 and MACD at 229.08 confirm bullish momentum, with Bitcoin breaking key resistance levels.
At the time of writing, Bitcoin (BTC) is trading at $119,181, representing a 0.82% increase over the past day. Bitcoin has increased its trading volume to $75.16 billion, reflecting a 13.59% rise compared to the previous day. Over the past seven days, the BTC coin price has increased by 1.78%.
Source: CoinMarketCap
Daan Crypto Trades highlighted that the price of Bitcoin has been swinging between a crucial range of $115,000 and $120,000. The accumulation of holdings on either side of this range indicates that a major breakout is possible in the very near future. The longer Bitcoin remains within this price range, the higher the chances of a drastic price action. Traders are paying significant attention to these levels because of a breakout or reversal.
Source: X
The liquidity cluster is at the support of close to $115,000. A drop in Bitcoin below this range may initiate a sell-off and create a level of uncertainty within the market. Nevertheless, provided that Bitcoin stays above the price of $115,000, it might keep making bullish trends. In the short run, traders are concerned with the ability of Bitcoin to hold these main price levels.
Also Read: Bitcoin Reclaims $120K as Institutions Return and U.S. Crypto Policy Clears Up
MACD Bullish Momentum
The Relative Strength Index (RSI) is at 64.38. It means that Bitcoin is falling into an overbought area, but not quite yet into the risky area above 70. A reading higher than 70 might be an indication that a pullback is imminent. Nevertheless, Bitcoin could not have reached its top just yet, as the RSI is at 64.38 now.
Bitcoin Moving Average Convergence Divergence (MACD) still remains bullish. The MACD line stands at 229.08 and signal line at 161.96. The combination of the good cross above these two lines is an indication of good upward propulsion. The MACD histogram stands at 67.12, indicating the strength of the bullish move even more. This implies that the price of Bitcoin may continue surging upwards as long as the market conditions are positive.
Source: TradingView
Bitcoin Resistance and Support Levels
CoinCodeCap Trading revealed that the cryptocurrency had recently surpassed the $112K level, affirming that it has breached a sideways channel. Bitcoin is in the price discovery process with Fibonacci resistance levels of $121,000, $128,000, and $136,000. The levels of support are at $100,000 and $90,000. The general tendency is highly positive in all periods and Bitcoin demonstrates evident upswings.
Source: X
The price of Bitcoin is also rising, with major resistance levels approaching. Traders should monitor resistant price areas and technical indicators to determine direction. Although the bullish trend is enticing, the market is still volatile and it is prudent to be cautious.
Also Read: Bitcoin Hits $118K: Will Whale Inflows Trigger a Market Shift?
