Bitcoin Price Analysis: BTC Nearing Exhaustion or Gearing Up for $130K Next?

Key Points

1. Bitcoin is trading just below $122,000 after breaking its previous all-time high of $112,000, signaling strong bullish momentum.

2. The breakout was followed by explosive price movement, but a retracement into the $114K–$117K zone is likely to cool the overbought market.

3. The 4H chart shows a clean breakout from the recent range, with the RSI at 78+, indicating potential short-term overbought conditions.

4. Fair Value Gaps below the current price could act as support if a retracement occurs, with $114K being a critical level to maintain bullish structure.

5. Elevated funding rates suggest the market is overheated, and a quick shakeout to $114K is possible if Bitcoin fails to push higher.