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Bitcoin Price Analysis: BTC Approaches 120K

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by Giorgi Kostiuk

8 hours ago


Bitcoin is strengthening its position towards its historical high of $111K, amidst positively shifting market sentiment and expectations of reaching $120K.

Daily Chart Analysis

Following a healthy pullback to the $106K support level, Bitcoin attracted notable buying interest, leading to a rally back toward its all-time high at $111K. The ongoing price action reflects solid bullish momentum likely stemming from sustained accumulation within the $100K–$111K consolidation range.

A key bullish signal has emerged: the 100-day moving average has crossed above the 200-day moving average forming a Golden Cross historically associated with longer-term bullish trends. This reinforces the current upward trajectory and investor confidence.

However, Bitcoin now faces a decisive test at the $111K ATH. A successful breakout above this psychological and technical barrier could ignite a fresh impulsive leg upward, with the $120K mark as the next major target.

4-Hour Chart Analysis

On the 4-hour timeframe, Bitcoin initially faced rejection at the upper boundary of a descending wedge near $108K, triggering a brief dip to $106K. This move, however, was likely a liquidity sweep, a strategic pullback designed to trap retail sellers and enable smart money to accumulate long positions.

Following this, the BTC price broke above the wedge structure and completed a bullish retest confirming the breakout. The cryptocurrency is now gaining momentum again, eyeing the $111K liquidity pool where a cluster of stop orders likely resides.

This area is of high interest to large players seeking to trigger a buy-side liquidity cascade. If bulls can reclaim this level, a breakout is likely to follow, potentially propelling Bitcoin to new highs around $120K.

On-Chain Analysis

A notable cluster of liquidation levels sits just above Bitcoin’s all-time high of $111K, suggesting a strong probability that the price may be drawn toward this region. If reached, this could spark a short-squeeze amplifying upward momentum and potentially pushing BTC to new highs.

However, this liquidity cluster also reflects persistent selling pressure around current levels. Sellers remain active, keeping the $111K resistance firm. As such, this threshold stands as a critical decision point. A confirmed breakout above could initiate a powerful bullish continuation, while a failure to breach it may result in another rejection and possible retracement.

In conclusion, Bitcoin's current movement towards its historical high of $111K is garnering significant investor interest. A breakout of this level could pave the way for new heights and sustain bullish market sentiment.

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