Bitcoin price is gaining pace above the $121,200 zone. BTC is now consolidating and might aim for a move above the $124,000 resistance zone.
The bulls even pumped the price above the $122,000 level. The price traded to a new all-time high near $123,973. It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $118,971 swing low to the $123,973 high.
Immediate resistance on the upside is near the $124,000 level. The first key resistance is near the $124,500 level. The next resistance could be $125,000. A close above the $125,000 resistance might send the price further higher. In the stated case, the price could rise and test the $126,250 resistance level. Any more gains might send the price toward the $127,000 level. The main target could be $128,000.
If Bitcoin fails to rise above the $124,000 resistance zone, it could start a correction. Immediate support is near the $122,750 level. The first major support is near the $121,500 level or the 50% Fib retracement level of the upward move from the $118,971 swing low to the $123,973 high.
The next support is now near the $120,200 zone. Any more losses might send the price toward the $118,500 support in the near term. The main support sits at $117,500, below which BTC might continue to move down.
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 – $122,750, followed by $120,200.
Major Resistance Levels – $124,000 and $125,000.
