Bitcoin has made a significant move by closing above the 120,000 mark, prompting traders to draw parallels with a previous breakout observed in mid-August. This development has sparked interest in whether this level will serve as a new support zone for the cryptocurrency, as the source reports that many analysts are closely monitoring this trend for potential trading opportunities.
Market Analysis by Rekt Capital
Analyst Rekt Capital highlighted that a similar close in August resulted in a successful retest of the 120,000 level, which then propelled Bitcoin towards 124,500. Current market dynamics suggest that a repeat of this scenario could be on the horizon, with potential price targets set at 123,350 and higher, provided the 120,000 level holds firm.
Support Levels to Watch
Conversely, should Bitcoin fail to maintain this level, traders are advised to keep an eye on nearby support levels at:
- 117,288
- 114,249
The upcoming trading sessions will be crucial in determining whether Bitcoin can sustain its upward momentum or if it will face a retracement.
