Bitcoin’s surge past key technical levels sparks trader optimism, but overbought signals suggest potential volatility ahead as the rally shows strong momentum.
Bitcoin broke through two critical technical barriers, surpassing both the 25-hour ($119,088.50) and 50-hour ($118,338.56) Simple Moving Averages in a bullish intraday move. The rally comes with trading volume spiking to 2,704.5 BTC – more than triple the 856.81 average – indicating strong buying pressure behind the upward move.
Technical indicators paint a mixed picture, with the Relative Strength Index (RSI) hitting 86.02 (deep in overbought territory) while the Average Directional Index (ADX) sits at a robust 44 points, confirming trend strength. The MACD indicator reinforces bullish sentiment at 967.98, though the extreme RSI suggests potential for a near-term pullback.
Key levels to watch include resistance at $122,666.00 and support at $116,900.05. Analysts caution that while momentum favors bulls, the overextended RSI could trigger profit-taking. Traders are advised to monitor these technical levels closely as Bitcoin tests new price thresholds.
📌 4. Footer / Disclaimer
CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: Shaco AI.