Bitcoin Price Eyes $123K Breakout Amid Bullish Momentum
Bitcoin price is approaching the key $123K resistance after rising within an ascending channel since mid-April. The 100-day and 200-day moving averages have formed a bullish crossover. On the daily chart, the lower channel trendline acts as dynamic support. A break above $123K could set a new all-time high.
On the 4-hour timeframe, Bitcoin price has shifted from consolidation to a bullish trend. It broke out of a descending channel and now follows an upward trendline. The RSI remains above 50, reinforcing bullish momentum. The $116K zone may offer support if a pullback occurs.
On-chain data shows a divergence between price and open interest. While Bitcoin price climbs, open interest declines. This suggests the rally is driven more by spot demand and short covering than by leveraged speculation. A lower open interest may mean fewer participants to defend key levels in a sell-off.
Bullish
This news is classified as bullish. Technical indicators—such as the ascending channel, a 100/200-day moving average crossover, and RSI above 50—signal strong upward momentum. The $123K resistance represents the next target, and the lower trendline and $116K–$110K zones provide clear support levels. On-chain divergence between rising price and falling open interest suggests a healthier rally driven by spot demand and short covering, reducing the risk of heavy liquidation. Historically, similar patterns in 2020 and 2021 preceded sustained bull runs after leverage-driven spikes cooled. In the short term, traders may push for a breakout above $123K. In the long term, holding above key support could cement a new bullish cycle, attracting further capital inflows.