Bitcoin Steadies After Rally – Is Another Powerful Breakout Just Ahead?

Bitcoin price started a strong increase and traded above $124,000. BTC is now consolidating gains and might aim for a fresh rally in the short ￰0￱ started a major increase above the $123,500 ￰1￱ price is trading above $122,000 and the 100 hourly Simple moving ￰2￱ is a short-term bullish trend line forming with support at $123,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it clears the $124,500 ￰3￱ Price Starts Fresh Rally Bitcoin price managed to stay above the $120,000 zone and started a fresh ￰4￱ settled above the $121,500 resistance zone to start the current ￰5￱ bulls were able to pump the price above the $123,500 and $124,000 ￰6￱ even cleared the $125,000 level.

A high was formed at $125,670 before there was a minor pullback to $122,250. The price is again rising and trading near the 50% Fib retracement level of the recent decline from the $125,670 swing high to the $122,320 ￰7￱ is now trading above $123,000 and the 100 hourly Simple moving average . Besides, there is a short-term bullish trend line forming with support at $123,000 on the hourly chart of the BTC/USD ￰8￱ resistance on the upside is near the $124,000 ￰9￱ first key resistance is near the $124,500 level or the 61.8% Fib retracement level of the recent decline from the $125,670 swing high to the $122,320 ￰10￱ next resistance could be $125,500.

A close above the $125,500 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $126,500 ￰12￱ more gains might send the price toward the $128,000 ￰13￱ next barrier for the bulls could be $130,000. Downside Correction In BTC? If Bitcoin fails to rise above the $124,500 resistance zone, it could start a fresh ￰14￱ support is near the $123,000 level and the trend ￰15￱ first major support is near the $122,250 ￰16￱ next support is now near the $121,500 ￰17￱ more losses might send the price toward the $120,000 support in the near ￰18￱ main support sits at $118,500, below which BTC might struggle to recover in the short ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bullish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰21￱ Support Levels – $123,000, followed by $122,250.

Major Resistance Levels – $124,500 and $125,500.