Bitcoin News Today: Bitcoin surges 4% to $120,000 as bulls target $125,000

Bitcoin's price is currently attempting a fresh surge above $120,000, with the cryptocurrency now consolidating and potentially gearing up for a steady ascent towards the $125,000 zone. This upward momentum has sparked anticipation among traders who are bracing for a potential breakout. Bitcoin started a fresh increase from the $115,800 zone, trading above $119,000 and the 100 hourly Simple moving average. There was a break above a bearish trend line with resistance at $119,000 on the hourly chart of the BTC/USD pair. The pair might start another increase if it clears the $120,500 resistance zone.

Bitcoin price started a correction from the new high at $123,200. BTC dipped below the $120,000 level and tested the $115,500 zone. A low was formed at $115,730 and the price is now attempting a fresh increase. The bulls were able to push the price above the $118,000 and $118,500 resistance levels. There was a move above the 50% Fib retracement level of the move from the $123,140 swing high to the $115,730 low. Bitcoin is now trading above $119,500 and the 100 hourly Simple moving average.

Immediate resistance on the upside is near the $120,200 level. The first key resistance is near the $121,400 level. It is close to the 76.4% Fib retracement level of the move from the $123,140 swing high to the $115,730 low. The next resistance could be $123,150. A close above the $123,150 resistance might send the price further higher. In the stated case, the price could rise and test the $124,200 resistance level. Any more gains might send the price toward the $125,000 level. The main target could be $126,200.

If Bitcoin fails to rise above the $121,400 resistance zone, it could start another decline. Immediate support is near the $119,000 level and the 100 hourly SMA. The first major support is near the $117,500 level. The next support is now near the $115,500 zone. Any more losses might send the price toward the $113,500 support in the near term. The main support sits at $110,500, below which BTC might continue to move down.

Technical indicators suggest that the Hourly MACD is now losing pace in the bullish zone, while the Hourly RSI (Relative Strength Index) for BTC/USD is now above the 50 level. Major Support Levels are $117,500, followed by $115,500. Major Resistance Levels are $121,400 and $123,150. This optimistic outlook is driven by several factors, including increased institutional interest and a growing acceptance of Bitcoin as a store of value. However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Traders are advised to exercise caution and conduct thorough research before making any investment decisions.