Bitcoin Smashes Past $118K – Is Stronger Bullish Momentum Now Set To Begin?
Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Bitcoin price started a strong increase and traded above $118,000. BTC is now consolidating gains and might correct some points in the short term.
- Bitcoin started a major increase above the $116,500 zone.
- The price is trading above $117,000 and the 100 hourly Simple moving average.
- There is a short-term bullish trend line forming with support at $117,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move up if it clears the $119,500 zone.
Bitcoin Price Starts Fresh Surge
Bitcoin price managed to stay above the $115,000 zone and started a fresh increase . BTC settled above the $115,500 resistance zone to start the current move.
The bulls were able to pump the price above the $117,000 and $118,000 levels. The bulls even cleared the $118,800 level. A high was formed at $119,453 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $112,806 swing low to the $119,453 high.
Bitcoin is now trading above $117,000 and the 100 hourly Simple moving average . Besides, there is a short-term bullish trend line forming with support at $117,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.comImmediate resistance on the upside is near the $119,000 level. The first key resistance is near the $119,250 level. The next resistance could be $119,500. A close above the $119,500 resistance might send the price further higher. In the stated case, the price could rise and test the $120,500 resistance. Any more gains might send the price toward the $122,500 level. The next barrier for the bulls could be $123,00.
Pullback In BTC?
If Bitcoin fails to rise above the $119,500 resistance zone, it could start a fresh decline. Immediate support is near the $117,000 level and the trend line. The first major support is near the $116,150 level.
The next support is now near the $115,500 zone. Any more losses might send the price toward the $114,000 support in the near term. The main support sits at $113,500, below which BTC might struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $117,000, followed by $116,150.
Major Resistance Levels – $119,500 and $120,500.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Wall Street giants collectively raise rate hike forecasts, US Treasury futures continue to fall, gold drops over 1% to break 4000
After the US October CPI exceeded expectations, Goldman Sachs and Nomura added a forecast for an interest rate hike in March next year, while Deutsche Bank included a forecast for a rate hike in January next year. Currently, the market has fully priced in a 25 basis point rate hike in December, with a 13% probability for a 50 basis point hike. On Wednesday, the US Treasury spot market was closed, but Treasury futures continued to fall, with corresponding yields rising by about 2 to 4 basis points, and spot gold came under pressure, dropping by 1.1%.
No Need to Worry About the Cooling Down of AI Data Center Construction? The US Import Boom Is Unlikely to Subside in the Short Term, Real Impact May Come in 2029
It takes an average of 4.8 years from finalizing investment to starting construction of a data center project, and an additional 2.6 years from construction start to becoming operational. Servers usually cannot be installed until after the building structure and racks are completed. For trade partners such as Taiwan (China), South Korea, and Mexico who rely on US data center supply chain demand, the inertia in construction timelines provides at least a one- to two-year buffer for future exports.
Federal Reserve Major Debate: When Should the Tenure of “Number Three” Williams End?
The main point of contention is whether Williams should step down in June 2028, upon completing a full 10-year term, or in June 2027, when he reaches the mandatory retirement age of 65. Analysts point out that the Federal Reserve Board holds ultimate discretion; if he leaves early, Fed Chair Waller would be able to assert greater control over the appointment to this critical position. However, forcing Williams to shorten his term could easily be interpreted as political manipulation. Williams himself is expected to serve until June 2028.
Sunshine Silver weighs doubling mill capacity
Crypto prices
More
