Bitcoin Price Surges To New Peak – What Could Fuel The Next Leg Up?

Bitcoin price started a strong increase and traded above $126,000. BTC is now consolidating gains and might aim for more gains in the short ￰0￱ started a major increase above the $125,000 ￰1￱ price is trading above $124,000 and the 100 hourly Simple moving ￰2￱ is a short-term bullish trend line forming with support at $124,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it clears the $125,500 ￰3￱ Price Sets New ATH Bitcoin price managed to stay above the $122,000 zone and started a fresh ￰4￱ settled above the $123,500 resistance zone to start the current ￰5￱ bulls were able to pump the price above the $125,000 and $125,500 ￰6￱ even cleared the $126,000 level.

A new high was formed at $126,198 before there was a minor ￰7￱ price traded below the 23.6% Fib retracement level of the recent wave from the $122,230 swing low to the $126,198 ￰8￱ is now trading above $124,000 and the 100 hourly Simple moving average . Besides, there is a short-term bullish trend line forming with support at $124,200 on the hourly chart of the BTC/USD ￰9￱ resistance on the upside is near the $125,250 ￰10￱ first key resistance is near the $125,500 ￰11￱ next resistance could be $126,200. A close above the $126,200 resistance might send the price further ￰12￱ the stated case, the price could rise and test the $126,500 ￰13￱ more gains might send the price toward the $128,000 ￰14￱ next barrier for the bulls could be $130,000.

Downside Correction In BTC? If Bitcoin fails to rise above the $125,500 resistance zone, it could start a fresh ￰15￱ support is near the $124,200 level and the trend ￰16￱ first major support is near the $123,250 level or the 76.4% Fib retracement level of the recent wave from the $122,230 swing low to the $126,198 ￰17￱ next support is now near the $122,500 ￰18￱ more losses might send the price toward the $121,200 support in the near ￰19￱ main support sits at $120,500, below which BTC might struggle to recover in the short ￰20￱ indicators: Hourly MACD – The MACD is now gaining pace in the bullish ￰21￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰22￱ Support Levels – $124,200, followed by $123,250.

Major Resistance Levels – $125,500 and $126,500.