Bitcoin Surges Above $119K, Eyes $117K CME Gap Retest
Bitcoin has broken out of its bull flag, surging past $122,000 before retracing to test support near $118,000–$119,000 and filling the CME gap around $117,000. Bitcoin’s technical indicators show an RSI trendline break and a bearish daily candle, suggesting a potential false breakout, while the ascending trendline and rising 50-day SMA offer key support. On the two-week chart, a bullish engulfing pattern and RSI nearing a descending trendline indicate strong upside potential, though the Stochastic RSI on daily and shorter charts has room to reset. Traders should monitor the $117,000 gap-fill level, $119,000 support, RSI 50.00, and Stochastic thresholds to gauge the next move.
Bullish
The breakout above the bull flag and surge past $122,000, combined with higher timeframe bullish signals—such as the two-week bullish engulfing and support from the ascending trendline and 50-day SMA—suggest a bullish bias for Bitcoin. While short-term corrections are possible as the market fills the $117,000 CME gap and RSI/Stochastic indicators reset, holding above key support levels around $119,000 would likely propel further gains.