New ATH for Bitcoin or Harsh Rejection Ahead? (BTC Price Analysis)
Main Idea
Bitcoin is approaching a potential new all-time high, with technical indicators and market sentiment supporting a bullish trend.
Key Points
1. Bitcoin is steadily advancing toward the $123K mark, with technical indicators reinforcing a bullish market structure.
2. A bullish crossover between the 100-day and 200-day moving averages supports the upward trend.
3. The RSI remains above the 50 level, indicating continued bullish momentum.
4. If a pullback occurs, the $116K support level could serve as a key defense point.
5. The recent price climb appears driven by spot demand or short covering rather than speculation.
Description
Bitcoin is approaching a potential new all-time high, steadily advancing toward the $123K mark. Overall, both technical indicators and sentiment data point to continued upside potential, suggesting that the rally still has momentum behind it. By ShayanMarkets The Daily Chart On the daily timeframe, Bitcoin continues to follow a sharp ascending channel, consistently forming higher highs and higher lows since mid-April. The recent bullish crossover between the 100-day and 200-day moving averages f...
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