Bitcoin Price Watch: Momentum Surges, But Resistance Looms at $123K

Key Points

1. Bitcoin's price stabilized at $121,680 with a market cap of $2.42 trillion and a 24-hour trade volume of $56.62 billion.

2. The cryptocurrency has appreciated roughly 25% from $98,240 to a local high of $123,236, with resistance tightly held around $123,000.

3. Technical indicators show mixed signals: RSI at 77.8 (overbought), CCI at 195.6 (sell condition), but MACD and moving averages signal bullish sentiment.

4. A breakout above $123,000 with volume confirmation could push Bitcoin toward $125,000–$130,000, while failure may trigger a retracement to $110,000–$112,000.

5. Signs of exhaustion and bearish divergence on lower timeframes suggest the rally may be overextended.