Bitcoin Faces Critical Ascending Triangle Breakout at $122,500 Resistance
Bitcoin is consolidating within a textbook ascending triangle, trading under $122,500 resistance and above its support trendline. The daily chart shows higher lows forming along a rising trendline and a horizontal cap near $122,500. Maintaining above the 9-day EMA at $118,738 and the triangle’s support keeps the bullish bias intact. A high-volume break above $122,500 could trigger a Bitcoin breakout toward new all-time highs.
On shorter, 4-hour charts, Bitcoin trades between $112,592 support and $123,334 resistance, currently near $119,106. Immediate support lies at $117,445, with key resistance further out at $124,576 and a potential target at $127,272. A drop below $117,445 risks testing $112,592. Lower-timeframe indicators signal oversold conditions, suggesting a short-term bounce but underscore the need for consolidation above $119,106 to sustain any upward move. Traders should watch these technical levels closely for the next major market direction.
Bullish
The ascending triangle pattern under horizontal resistance at $122,500 and rising trendline support historically signals bullish continuation, as seen in past 2020–2021 breakouts. Holding above the 9-day EMA and key support levels reflects sustained buying pressure, reducing correction risks. Short-term oversold readings suggest a bounce, while a volume-backed breakout above $122,500 would likely trigger a new all-time high push, reinforcing bullish momentum. Even if a dip to $112,592 occurs, the pattern’s integrity remains intact, pointing to a positive medium-term outlook.