Bitcoin Faces Critical Test as Bulls Weigh Chances of Holding Above $120,000 This Week

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.