- Bitcoin shows strong upward momentum with steady gains and rising investor confidence.
- Key resistance is set at $119.5K–$120K, while strong support holds near $116K for short-term moves.
- Bulls gain control as BTC breaks the downtrend, eyeing a breakout toward potential new highs.
Bitcoin (BTC) is currently trading at $118,540, marking a 3.83% increase over the last 24 hours. The trading volume is showing a strong bullish surge, up 32.94%, and is currently standing at $76.18 billion. The weekly performance also remained with a rise of 6.32% in the past seven days. With investor confidence, the market is now heading to some of the major resistance levels.
Source: CoinMarketCap
BTC Momentum Builds as Bulls Push Toward $120K
Crypto analyst Crypto VIP Signal highlighted that Bitcoin has broken the $117,000 region again and begun to rise. BTC is demonstrating clear strength as it approaches the subsequent resistance levels. The price range of $119,500 $120,000 has now emerged as the most essential upward target of traders in the near future.
Conversely, strong support has built around the position of $116,000. It is regarded as a key to continuing to push up and avoiding a decline. The traders consider this level of support and resistance to be a crucial zone, as a breakout above or below it could significantly influence the short-term future of Bitcoin in the market.
Source: X
Moreover, another analyst, Kamran Asghar, mentioned that Bitcoin had broken out of the downtrend channel on the daily chart. He observed that the coin recovered $118,000 with great momentum. His opinion aligns with the growing optimism that buyers have now taken control of the market.
Source: X
Also Read: SEI Targets $0.30 As Network Volume Surges Beyond $156 Million Mark
Volume Surge and Open Interest Signal Strong Trader Activity
According to CoinGlass data, the trading volume increased by 52.29% to reach $123.17 billion. Open Interest also rose 5.69% to $86.57 billion. The OI-Weighted Funding Rate was at 0.0058%. These values indicate more leveraged positions as traders anticipate additional actions.
Source: CoinGlass
Liquidated values shed light on bearish traders’ pressure. In the past 24 hours, total liquidations amounted to $261.29 million. The short positions constituted $236.46 million, whereas the long positions were $24.83 million. The imbalance records the massive losses made by those betting against the rally.
Source: CoinGlass
RSI and MACD Point to Continued Bullish Momentum
The Relative Strength Index (RSI) is 62.66, which is higher than the neutral range of 50. This indicates the healthy purchasing wave. The reading is not in the overbought area; hence, there is still room to grow. Moving Average Convergence Divergence (MACD) provides validity. The MACD line stands at 555, higher than the signal line at 513. The histogram stands at -42. This crossover indicates upward trends and confirms subsequent price upside.
Source: TradingView
The traders are now focusing on the resistance at $120,000. A breakout over this level would pave the way to new highs. Bitcoin still remains robust with strong underlying support up to that point. The bulls keep holding control as the bears mount pressure because of the increasing market demand.
Also Read: Chainlink Rebounds Above $22, Can Bulls Ignite Surge Toward $27?
