Boxed In or Breaking Out: Can Bitcoin (BTC) Bulls Draw Battle Lines at the $120K Wall?
- Bitcoin is currently hovering around the $114.1K mark.
- The BTC market has recorded 24-hour liquidations totalling $46.84M.
With a 2.14% spike, the market cap is staying at $3.96 trillion. The bullish wind has swept all major crypto assets to the green zone. The bulls and bears are visiting one after another, without a plan to build their zone. Meanwhile, the largest asset, Bitcoin (BTC), reflects a series of intense ups and downs lately.
Upon breaking some crucial resistance levels, the asset has turned the momentum green, posting a 2.38% gain in the last 24 hours. BTC opened the day trading at a bottom range of $111,396. Gradually, after the bullish encounter in the market, the price has climbed back to a high of $114,435.
Additionally, Bitcoin’s Fear and Greed Index value is at 54, reporting neutral sentiment. At the time of writing, Bitcoin traded at the $114,143 mark, with its daily trading volume increasing by over 22.84%, reaching $55.73 billion. As per Coinglass data, the BTC market has seen a 24-hour liquidation of $46.84 million.
Can the Bulls Push Bitcoin to a New High?
As per the TradingView technical chart analysis of Bitcoin, the Moving Average Convergence Divergence (MACD) line is settled above the signal line. This crossover indicates a bullish momentum, and the asset may likely start its sturdy uptrend.
Besides, the money flow is worth noting, with the Chaikin Money Flow (CMF) indicator of BTC at 0.19, suggesting a strong buying pressure in the market. This hints at accumulation. The closer it gets to +1, the stronger the bullish momentum.
The four-hour price chart displays that Bitcoin might climb and find the key resistance at $114,153. In a highly bullish scenario, the asset could invite the golden cross to unfold, which would trigger the price to reclaim its recent high at around $114,163.
Conversely, if a reversal takes place, the Bitcoin price might slip and test the $114,133 support. Further downside correction could push the emergence of the death cross, and the potential bears would send the price to a former low at the $114,123 mark.
Moreover, BTC’s daily Relative Strength Index (RSI) is positioned at 63.34, which signals its bullish territory, with room to climb before hitting the overbought zone. Bitcoin’s Bull Bear Power (BBP) reading of 2,426.27 shows that the bulls are currently dominant in the market. Deepened positive value makes the momentum stronger, generally pushing the price higher.