Bitcoin (BTC) is consolidating gains after its latest rally past $124,000, with analysts eyeing another potential breakout toward $130,000.
Key Support and Resistance Levels
BTC remains above $123,000 and the 100-hour SMA, with a short-term bullish trend line forming near $123,000. Resistance sits at $124,500, followed by $125,500, where a close above could push the price to $126,500–$128,000, and possibly $130,000.
Market Setup
Bitcoin recently hit a high at $125,670 before a correction to $122,250, now retracing around the 50% Fib level. The MACD remains in the bullish zone, while the RSI stays above 50, signaling continued buying momentum.
Downside Risk
Failure to break $124,500 could trigger a pullback. Immediate support lies at $123,000, then $122,250 and $121,500. If BTC falls below $118,500, short-term weakness could follow.
With technical indicators leaning bullish, traders are watching closely for a decisive move above $124,500 to confirm the next rally leg toward $130K.