Bitcoin shatters records with a $122,550 all-time high as bullish momentum builds, though technical indicators suggest potential consolidation ahead.
Bitcoin surged past $120,000 to establish a new historic peak at $122,550, marking a 2% daily gain as bulls overpowered key resistance levels. The cryptocurrency now consolidates above $120,000 with a bullish trend line forming support at $119,000 on hourly charts. Analysts identify $124,000 as the next critical resistance, with a breakthrough potentially propelling BTC toward $130,000.
The rally follows Bitcoin’s decisive move above $116,500 and $118,500 resistance zones, with current price action hovering near the 23.6% Fibonacci retracement level of the recent upswing. Technical indicators remain positive, with the hourly MACD accelerating in bullish territory and RSI holding above 50. However, failure to breach $122,500 could trigger a correction toward $119,500 support.
Key support levels to watch include $121,500 (immediate), $119,500 (50% Fib level), and $119,000 (trendline). A breakdown below $116,500 would signal potential bearish reversal, though the overall structure remains firmly bullish as institutional interest continues driving unprecedented demand.
CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: CryptoSlate.