Bitcoin Price Rises 1.3%, Eyes $120,000 Resistance Ahead
Bitcoin price rose by 1.3% over the past 24 hours to $118,592. The cryptocurrency is testing local resistance at $118,500. If the price holds above this level, it could advance toward $120,000. Traders are also eyeing the $123,236 barrier, where a breakout might trigger a new all-time high. On hourly charts, Bitcoin price movement shows bullish momentum, with bulls defending the $118,775 support in larger time frames. However, broader market headwinds have pushed most altcoins into the red, highlighting market-wide volatility. In the mid-term, sustaining gains above key resistance levels will be crucial for confirming an extended uptrend. Key stats: current price $118,592; local resistance $118,500; next major targets $120,000 and $123,236. Traders should closely monitor these thresholds to adjust their strategies. Meanwhile, profit opportunities emerge on the TRON network amid the Bitcoin rally. Overall, positive momentum suggests bullish prospects, but potential barriers demand caution.
Bullish
The 1.3% rise and successful test of the $118,500 resistance suggest strengthening bullish momentum. Historically, Bitcoin breakouts above similar barriers (e.g., the $10,000 and $50,000 levels) have led to accelerated rallies, indicating that clearing $120,000 could prompt further gains. In the short term, traders may target $123,236, adjusting positions as the price approaches this level. Over the mid to long term, holding above these thresholds could reinforce confidence, drawing fresh buying and potentially setting new all-time highs.