Bitcoin’s price has been steadily climbing over the past few weeks, reaching a new record high on Monday. However, it has since lost some momentum, leaving questions about its next move.
**Technical Analysis**
By Edris Derakhshi (TradingRage)
**The Daily Chart**
On the daily chart, Bitcoin rebounded from the $92K support level a couple of weeks ago. Recently surpassing the $100K level, it has gradually moved toward $110K, with potential for further increases. The RSI suggests that momentum remains bullish, making a rally toward the $120K level likely.
**The 4-Hour Chart**
The recent choppy price action on the 4-hour chart shows Bitcoin fluctuating between $100K and $108K over the past ten days. This has created uncertainty about the market’s short-term trend, although the overall structure remains bullish, with a breakout above the $108K resistance level more likely than a bearish reversal.
**On-Chain Analysis**
By Edris Derakhshi (TradingRage)
**Bitcoin Exchange Whale Ratio**
As Bitcoin’s price consolidates after a strong rally, investors are questioning if the bull market is over. On-chain metrics can provide insights into the market’s current state. The exchange whale ratio, indicating selling pressure from large investors, has been rising but remains below levels seen when BTC was around $70K. This suggests potential for further upside, provided there is enough demand.
**Twitter Text**
Bitcoin is making moves. Will it reach $120K? teknical analysis #Bitcoin #BTC