Bitcoin shatters records! Blasting past its former $111K peak, the crypto king ignites a furious bull run, setting its sights on the formidable $120K fortress.
But watch out! As Bitcoin flirts with the $120,000 mark, expect profit-taking and distribution headwinds to gather strength. A short-term price dip might just be around the corner.
Technical Analysis
By ShayanMarkets
The Daily Chart
Bitcoin just didn’t break a record; it shattered it. After months locked in a tug-of-war, the cryptocurrency king bulldozed past its $111K peak. What fueled this explosive ascent? Think of a coiled spring suddenly unleashed. A tidal wave of buy orders crashed ashore, triggering a frantic scramble – a short-squeeze that sent Bitcoin rocketing towards the $120K psychological barrier. Buckle up; this ride is far from over.
$120K: Bull Trap Brewing?
Market confidence is soaring, but beware! The $120K mark could trigger a wave of profit-taking, halting the current rally in its tracks. Expect a short-term pullback, potentially revisiting the $111K breakout level for a critical retest. Fibonacci projections pinpoint $120K and $131K as crucial resistance levels to watch. Will the bulls break through, or will bears seize control?
The 4-Hour Chart
Bitcoin just blasted off! A massive green candle on the charts shattered through a key barrier: the descending wedge. Not only that, but it crushed the old all-time high of $111K like it was nothing. We saw a quick dip – a mere kiss goodbye to the breakout point – before liftoff resumed. Target hit: $120K.
But beware the post-rally dip. As quick as the climb, profit-taking could trigger a short-term slide. Keep eyes locked on the $113K-$111K zone; that Fibonacci sweet spot may be where the market finds its footing and gears up for another surge.
On-chain Analysis
By ShayanMarkets
Bitcoin’s flirting with $120K, but the party’s surprisingly quiet. The Short-Term Holder SOPR, your backstage pass to recent investor profits, isn’t popping champagne like it should. It’s oddly subdued compared to last November’s $111K peak. Is this a calm before a bigger storm, or are fresh buyers less trigger-happy than we thought?
That crypto surge everyone’s buzzing about? Turns out, short-term holders are playing it cool, barely touching their profits. Think of it like this: typically, when a bull run peaks, everyone rushes for the exits, spiking the SOPR value as profits flood the market. But right now, the numbers are telling a different story. The market isn’t blazing hot just yet. If fresh investors jump in, this rally could keep running, turning those early gains into something even bigger.
Thanks for reading Bitcoin Price Analysis: Is a Correction Coming or Will BTC Break $120K Next?