Bitcoin Price Consolidates Below $120K, Eyes $122K-$124K
After peaking near $122,250, Bitcoin price corrected and is now consolidating below the $120,000 mark. It has held support around $118,600 on the hourly chart, where a bullish trend line intersects the 100-hour SMA.
Immediate resistance sits at $120,250 and $120,850, with a decisive break above $120,500 potentially targeting $122,250, $124,000 and even $125,000. Conversely, failure to clear $120,500 could see Bitcoin price slide to $118,600, $117,800 or lower toward the critical $113,500 floor.
Hourly technical indicators show the MACD losing bullish momentum and the RSI trading below 50. Traders should monitor the key levels at $120,000 and $118,600 for signs of the next directional move.
Neutral
The consolidated trading below $120K after the $122K peak indicates indecision among traders. In the short term, the loss of bullish momentum in MACD and RSI below 50 suggests limited upside and potential for a deeper correction if support at $118.6K fails. However, a firm break above $120.5K would likely trigger a fresh rally towards $122.25K and beyond, creating bullish momentum. Over the long term, maintaining support around the 100-hour SMA and trend line could underpin a sustained recovery, but failure to hold critical floors may extend bearish sentiment. Therefore, the impact remains neutral until a decisive breakout or breakdown occurs.