Three crucial price stages for Bitcoin following its new all-time peak to keep an eye on
In a significant shift for the market, Bitcoin has surpassed the $123,000 mark, reaching a new all-time high. This breakout has flipped former resistance into support, signalling a strong upward momentum.
Cryptocurrency trading analysts Ali Martinez and Ted Pillows have identified key price levels that could help Bitcoin sustain its upward trend. According to their analysis, the following levels are crucial to watch:
Resistance Levels: - Around $123,150, where Bitcoin previously peaked. - In the range of $124,200 to $126,200, representing near-term upside targets. - A critical psychological barrier at $121,000, above which a rally towards $132,000 is predicted if Bitcoin closes daily above this level.
Support Levels: - Around $119,000 and $115,500, where Bitcoin found bottom after recent pullbacks. - Additional support at $110,500 in case of deeper corrections.
Martinez forecasts that if Bitcoin can sustain a daily close above $121,000, it could rally up to about $132,000. This follows a strong recovery from lows near $115,730, as Bitcoin broke through significant resistance points, including the 50% Fibonacci retracement level and bearish trend lines around $119,000.
However, concerns about reduced capital inflows and higher leverage in the market could increase volatility risk despite the bullish technical setup at these price levels.
In summary, Bitcoin's key price levels to watch are:
| Price Level | Role | Notes | |----------------------|----------------------------|--------------------------------------------| | **$132,000** | Bullish Target | If sustained daily close above $121,000 | | **$124,200 - $126,200** | Resistance Zone | Near-term upside targets | | **$123,150** | Immediate Resistance | Recent swing high | | **$121,000** | Psychological Barrier | Crucial for bullish continuation | | **$119,000** | Support | Key technical support and breakout level | | **$115,500** | Support | Recent bottom | | **$110,500** | Deeper Support | For potential pullbacks |
These levels reflect a cautiously optimistic outlook amid technical strength but also acknowledge risk factors in the current market environment. The 200-day SMA for Bitcoin stands at $88,660, and fellow analyst Ted Pillows predicts Bitcoin's next target to be $125,000. These resistance levels also represent psychological market barriers.
At press time, Bitcoin is trading at $121,797, up more than 3% in the past 24 hours. This surge past the crucial resistance zone near $113,000 confirms the ongoing bullish trend that's been forming since April. Bitcoin's 50-day simple moving average (SMA) is currently at $107,362. The $125,000 level is considered a critical resistance for Bitcoin according to Pillows.
This breakout represents a major shift in market structure, and these key price levels will play a significant role in determining Bitcoin's future trajectory.
Crypto trading analysts Ali Martinez and Ted Pillows predict that if Bitcoin sustains a daily close above $121,000, it could potentially rally up to $132,000, with the $124,200 to $126,200 range representing near-term upside targets. On the flip side, key support levels to watch include $119,000 and $115,500, where Bitcoin found bottom after recent pullbacks, along with $110,500 for potential deeper corrections. These levels reflect a cautiously optimistic outlook, acknowledging both technical strength and potential risk factors in the current market environment.
