Bitcoin’s $120K Gambit: Soar or Sink? 🚀💸

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The elusive Bitcoin, that sly fox of the digital realm, now casts its covetous gaze upon the $118,500 threshold. BTC must perform a delicate ballet over $120,250 to ignite a bullish crescendo.

  • Bitcoin, the capricious lover of markets, embarked on a fresh ascent after outwitting the $118,000 zone.
  • The price pirouettes above $118,600, a waltz of hope and trepidation, while the 100-hour Simple moving average watches, bemused.
  • A key bullish trend line, like a secret society, forms with support at $118,200 on the BTC/USD hourly chart (data from Kraken, that paragon of reliability).
  • If BTC dares to breach $120,000, the stage is set for a grander act—though the curtain may yet fall.

Bitcoin’s Aspirations: A New Act?

Bitcoin, that volatile mistress, initiated a correction from the $120,250 summit. BTC, ever the dramatist, dipped below $118,500, testing the $118,000 zone with the audacity of a gambler at a roulette table.

A descent below the 50% Fib retracement level of its upward journey from $116,260 to $120,237 occurred, yet the bulls, ever the resilient squirrels, scurried to $117,500. A bullish trend line, cunning as a fox, now guards $118,200 on the hourly BTC/USD chart.

Bitcoin now hovers above $118,600 and the 100-hour Simple moving average, a precarious tightrope walk. Immediate resistance looms at $119,300, a mere step from the $120,000 precipice.

The next hurdle? $120,250. A conquest here might unleash a torrent, propelling BTC toward $122,500. Yet, as with all things digital, the next move is as uncertain as a crypto whale’s next burp.

Another Descent in BTC? A Tragedy in Three Acts?

If Bitcoin falters at $120,250, the curtain may fall. Immediate support, a lifeline, lies near $118,500 and the trend line. The first major support, a valiant $117,200, or the 76.4% Fib retracement level of its upward journey from $116,260 to $120,237.

The next support, a faint whisper, hovers near $116,250. Should losses mount, BTC might descend to $115,000, a shadowy realm. The main support, $113,500, awaits, beyond which BTC may plunge into the abyss.

Technical indicators:

Hourly MACD – The MACD, that fickle friend, now gains momentum in the bullish zone.

Hourly RSI – BTC/USD’s RSI, a mercurial soul, now hovers above 50.

Major Support Levels – $118,250, a crumbling fortress, followed by $116,250.

Major Resistance Levels – $119,250 and $120,250, the gates of hope.

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2025-07-24 06:06