Bitcoin Price Roars Awake – $120K Within Striking Distance

Bitcoin price is again rising above the $115,500 zone. BTC is now consolidating and might aim for a move toward the $120,000 resistance zone.

• Bitcoin started a fresh increase above the $115,500 zone.
• The price is trading above $115,500 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $115,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might start another increase if it clears the $117,500 resistance zone.

Bitcoin Price Aims Higher

Bitcoin price found support near the $112,200 zone and started a fresh increase. BTC was able to climb above the $113,500 and $114,800 resistance levels.

The price even cleared the $115,500 resistance to move into a positive zone. Finally, the price tested the $117,500 resistance zone. A high was formed at $117,643 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $112,629 swing low to the $116,643 high.

Bitcoin is now trading above $115,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $115,600 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $117,200 level. The first key resistance is near the $117,500 level. The next resistance could be $118,250. A close above the $118,250 resistance might send the price further higher. In the stated case, the price could rise and test the $119,200 resistance level. Any more gains might send the price toward the $120,000 level. The main target could be $121,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $117,500 resistance zone, it could start another decline. Immediate support is near the $116,450 level. The first major support is near the $115,600 level and the trend line.

The next support is now near the $114,550 zone or the 61.8% Fib retracement level of the upward move from the $112,629 swing low to the $116,643 high. Any more losses might send the price toward the $113,800 support in the near term. The main support sits at $112,500, below which BTC might continue to move down.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $115,600, followed by $114,550.

Major Resistance Levels – $117,500 and $118,250.