Bitcoin Near $120K, ETF Inflows Fuel Rally to $135K
Bitcoin price has pulled back from a record high of $123,200 to a low near $115,730. It now trades above $119,500 and the 100-hour simple moving average, entering a consolidation phase around $120,000. Bitcoin bulls have stayed firm, buoyed by a tenth straight day of ETF inflows—$799.4 million on Wednesday—pushing total flows since July 2 to over $5.2 billion. Price analysis shows immediate resistance between $120,000 and $120,200. A clear break above $123,218 could trigger a rally to $135,729 and even $150,000. On the downside, support rests at the 20-day EMA ($113,528), the 100-hour SMA near $119,000, and crucial floors at $115,500 and $110,530. Technical levels show the hourly MACD losing bullish momentum while the RSI remains above 50. Traders will monitor these technical indicators and resistance zones for a decisive breakout or potential pullback. Short-term trading is likely to range from $115,000 to $123,218, with a move above $120,064 signaling renewed bullish momentum.
Bullish
Continuous ETF inflows and firm support at key moving averages indicate sustained bullish sentiment for Bitcoin. Consolidation around the 100-hour SMA and 20-day EMA has set the stage for a potential breakout above critical resistance at $123,218, which could drive prices toward $135,729 and beyond. The RSI holding above 50 further confirms underlying bullish momentum. These factors suggest a bullish outlook in both the short and long term.