- Bitcoin rose above $115,500, touching a high of $117,643, with bullish momentum above the level of $115,000.
- Key resistances at $117,500 and $118,250 may spark a breakout rally toward $119,200 and $120,000.
- Traders identify $120K as the primary level, bearish reversal sub-$112,500 remains potential.
Bitcoin regained bullish momentum after finding support near the $112,200 mark. It surged past the $113,500 and $114,800 resistance levels. The rally saw the price pass above the level of $115,500, signaling fresh strength. BTC is stable above the level of $115,000, holding onto gains.
Cryptocurrency last touched the resistance zone of $117,500, with the peak being recorded at $117,643. Then, it started to consolidate above the 23.6% Fibonacci retracement of the rally between $112,629-$116,643. The market is now controlled by the bulls, since the price remains above the 100-hour Simple Moving Average.
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A bullish trend line is forming, providing support near $115,600. The immediate upside resistance lies near $117,200, with key resistance zones at $117,500 and $118,250. A successful breakout above $118,250 could trigger a stronger rally toward $119,200 and possibly $120,000.
Bitcoin Technical Signals Target $120K Breakout
Renowned trader @GDXTrader shared a bullish forecast on X, targeting $120K as Bitcoin’s next major milestone. BTC’s recent breakout rewarded early-week entries near the 50-day moving average and ascending trendline support, confirming strong bullish sentiment.
He pointed out the importance of the test level of $120K. The breakout above it could open up the route towards fresh all-time highs. There is no visible bearish pressure, with the market structure remaining decisively bullish on the daily and hourly charts.
Downside Risks Remain if Resistance Holds
Meanwhile, even with the bullish momentum, the cryptocurrency could correct if it doesn’t breach the level of $117,500. Current immediate support remains around the level of $116,450, followed by significant support levels of the $115,600 level as well as the rising trend line. These levels could absorb initial selling pressure.
Further weakness can test the $114,550 level, equivalent to the 61.8% Fibonacci retracement level of the upswing from $112,629 to $116,643. The stronger selloff can send Bitcoin to $113,800 and even to the major support near $112,500 if weakness prevails.
A persistent decline below $112,500 could indicate a major bearish reversal. However, until that happens, traders continue to set their sights on $118,250 and $120,000 short-term targets.
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