Will Bitcoin (BTC) Blast Past $120K or Stall at the Top?

• Bitcoin jumps 6.52%, hitting a new all-time high of $118.8K.
• Daily trading volume has surged by over 98.71%.
• More than $678 million in BTC was liquidated during the rally.

The dominating asset of the broader crypto market, Bitcoin (BTC), with its price movements, brought in a wave of bulls, lighting up the green candlesticks. The asset has encountered repeated rejections previously, and as of today, BTC breaks all barriers, soaring to a new all-time high of $118,856, registering a 6.52% jump.

The price movement of the asset is crucial, and the fluctuations have triggered it to visit its bottom range of $110,660. Bitcoin has tested a series of crucial resistance levels from $110,672 to $118,848. At press time, Bitcoin traded at around $118,303. Notably, BTC has entered the greed zone as the Fear and Greed Index holds at 71.

Furthermore, the market cap sits at $2.35 trillion, with the daily trading volume of the largest asset having exploded by over 98.71%, reaching $122.41 billion. As reported by Coinglass, in the last 24 hours, the market has experienced a liquidation of $678.14 million worth of Bitcoin.

Can Bitcoin Keep Up the Bullish Pace?

BTC’s four-hour technical chart reveals that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line, indicating a positive sentiment, with the upward momentum building. The asset’s price may continue to rise. Additionally, the Chaikin Money Flow (CMF) indicator value found at 0.36 suggests strong buying pressure in the market. The asset is actively accumulating, and the capital is flowing into it.

The recent trading session of Bitcoin exhibits a broader bullish sentiment. With the bullish support, the price might climb to the key resistance level at $118,314. Further correction on the upside could likely push the golden cross to unfold, and that would apply additional pressure, extending BTC’s gain above the $118,326 mark.

Assuming the asset’s uptrend loses strength, the bears may enter and send the price toward the $118,289 range. A death cross could emerge due to continued downside correction. It might take the price to its former lows below the $118,277 zone. A move below this level invites more losses, acting as a crucial area.

Furthermore, the asset’s daily Relative Strength Index (RSI) is positioned at 85.30, signalling a deeply overbought condition. It also raises the possibility of a price correction or pullback. Bitcoin’s Bull Bear Power (BBP) reading of 8,155.38 hints that the bullish dominance is strong, pushing the price up, leaving a strong bullish sign.