- Bitcoin price rises 15% in a month, approaching $120K resistance amid growing institutional interest and market optimism.
- RSI nearing 70 signals potential Bitcoin price pullback, with support at $116K–$119K for traders seeking entry points.
- Breaking $120K resistance could push Bitcoin toward $130K, with analysts watching for momentum shift or consolidation
As Bitcoin price approaches the $120,000 mark, investors are keeping a close eye on whether Bitcoin price can break through this crucial resistance level. With growing bullish sentiment surrounding Bitcoin price, the question remains.
Bitcoin Price Eyes $120K Resistance as Bullish Sentiment Grows Stronger
Bitcoin price has been on a bullish streak, increasing by approximately 15% over the last month, bringing it near its all-time high, $123,288. The recent rise is driven by institutional interest, media coverage, and apprehension regarding conventional financial systems.
The Bitcoin price is now at an important resistance point of about $120,000.Analyst Trader Tardigrade believes the price of Bitcoin can reach new all-time highs with a breakout above this level, possibly hitting a price of up to the $130,000 mark.
Nonetheless, the Relative Strength Index (RSI) is close to the overbought level of 70, and this scenario increases the chance of the short-term correction in the price against subsequent growth.
Source: Trader Tardigrade/X
Bitcoin price is currently experiencing strong upward momentum, recently hitting a new all-time high (ATH) of $123,288. According to Michaël van de Poppe, the RSI is approaching overbought territory, indicating that the Bitcoin price may soon slow down.
This suggests that a consolidation phase or minor retracement is possible. A pullback could find support in the key range of $116,000 to $119,500, which has historically acted as a critical area for potential buying opportunities.
Source: Michaël van de Poppe/X
If Bitcoin price continues its bullish trend and successfully breaks through the $120,000 resistance, the next significant price targets could be around $125,000 to $128,000. However, a retracement would allow traders to enter at more favorable price levels, especially within the $116,000 to $119,500 support zone.
Will Bitcoin price break and maintain above the price of $120,000? This will be a key indicator to the next stage of its movement as highlighted by Michaelson van de Poppe. A follow through above this level would indicate that the bulls remain strong, on the other hand a pullback will provide traders with an avenue to review their strategies especially when the price of Bitcoin maintains support at the lower end.
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