Bitcoin Hits $123K; Bitcoin Cash Holds Above $500, Eyes $567
Bitcoin surged past the $120,000 resistance to a new all-time high above $123,000 this week. Weekly RSI stands at 71 and ADX at 27, confirming a strong uptrend with the 50-week EMA above the 200-week EMA. Meanwhile, Bitcoin Cash (BCH) has held above $500, forming a higher low above the 21-day SMA and testing the 61.8% Fibonacci retracement. BCH now eyes the 1.618 Fibonacci extension at $567. Key resistance levels are $126,554 and $134,371 for Bitcoin, and $520, $540, $560 for BCH. Support zones lie near $115,575/$110,500 for BTC and $400/$380/$360 for BCH. Traders should watch for RSI divergence, ADX staying above 25, and SMA breaks to gauge momentum shifts. Overall, technical indicators for both Bitcoin and Bitcoin Cash point to further upside potential, making the outlook bullish for BTC and BCH.
Bullish
The breakout of Bitcoin above $123K with strong RSI and ADX readings, alongside Bitcoin Cash’s higher-low formation and Fibonacci setup, signals growing bullish momentum. Historically, RSI over 70 on Bitcoin and Fibonacci extension triggers on BCH have led to further gains. In the short term, traders can expect continued upside while monitoring RSI divergence and SMA support. Long term, aligned moving averages and sustained institutional confidence could cement an extended uptrend.