Can Bitcoin Hold Above $120K? Bulls and Bears Are Split
Main Idea
Bitcoin recently set a new all-time high above $122,000 but is now struggling to maintain its gains, trading below $120,000, with traders questioning if it can hold above this level by the end of the week.
Key Points
1. Bitcoin reached a new all-time high above $122,000 last week but has since fallen below $120,000.
2. The Myriad prediction market gives a 47% chance that Bitcoin will hold above $120,000 by the end of the week.
3. Technical indicators show mixed signals: the Squeeze Momentum Indicator suggests a bullish breakout, while the ADX at 13 indicates weakening bullish momentum.
4. Key resistance levels are $120,000 (psychological level) and $122,838 (recent all-time high), with immediate support at $117,500 (Volume Profile Point of Control).
5. The RSI at 59 shows mild bullish momentum without being overbought, but declining trading volume and anemic ADX present risks for bulls.
Description
Can BTC bulls close out the week in the green? The odds on the Myriad prediction market are nearly dead even.
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