Bitcoin has demonstrated robust weekly momentum with a 9% price surge, climbing from approximately $109,231 to breach $119,000 and establish a new all-time high above $123,000. This bullish movement reflects growing institutional interest and favorable macroeconomic conditions, including rising commodity prices and the S&P 500 trading near record highs.
Technical indicators reinforce the positive outlook. The Relative Strength Index (RSI) currently registers at 71, indicating strong buying pressure, while the Average Directional Index (ADX) reading of 27 confirms a well-defined upward trend.
Market sentiment remains decidedly optimistic, evidenced by the Crypto Fear & Greed Index holding steady at 72 (‘greed’). Prediction markets show high probabilities of Bitcoin maintaining support above $100,000, with a 65% likelihood of reaching $125,000.
Key technical levels suggest potential volatility ahead. Immediate support zones sit at $115,575 and $110,500, while Fibonacci extensions point to prospective upside targets at $126,554 and $134,371.