Bitcoin Faces Critical Test as Bulls Weigh Chances of Holding Above $120,000 This Week
Main Idea
Bitcoin is approaching a critical resistance level at $120,000, with mixed technical indicators and market sentiment suggesting a pivotal moment for its near-term trajectory.
Key Points
1. Bitcoin is trading around $119,765, near a descending trend line that has historically capped price advances since mid-July.
2. The Squeeze Momentum Indicator suggests heightened volatility, while the ADX reading of 13 indicates a weakening trend.
3. The RSI at 59 shows mild bullish momentum without reaching overbought territory, leaving room for either continued gains or a pullback.
4. The 50-day EMA near $116,000 reinforces a medium-term bullish bias, but low ADX and declining volume suggest caution.
5. Prediction markets show a slight bearish bias (53%) for Bitcoin holding above $120,000 by the week's end, reflecting market uncertainty.
Description
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