Bitcoin's price has begun rising again, reaching nearly $122,000 after a long period of stability. Investors are closely monitoring the asset's movements for further changes.
Technical Analysis on the Daily Chart
The daily chart shows that the asset continues to respect the long-term ascending channel. Following the breakout above the previous all-time high of $112,000, Bitcoin closed at $122,000. However, a retracement into the $114,000–$117,000 range is possible. This pullback would not invalidate the bullish structure but would instead create a healthier basis for continued growth.
4-Hour Chart Analysis
The 4-hour chart shows a clear breakout from the recent range with a vertical price expansion. The RSI indicator is at 78+, indicating potential short-term exhaustion. Newly formed Fair Value Gaps may provide support if Bitcoin remains above the $114,000 level, with short dips viewed as bullish retests.
Market Sentiment Analysis
Funding rates have started to spike, reflecting increased long positions after the breakout. However, high funding levels can also indicate market risks. If prices fail to continue rising while funding remains elevated, a pullback to the $114,000 mark could occur.
At this moment, Bitcoin shows bullish signals, but the high funding levels and current RSI readings could indicate the need for caution. Investors will continue to monitor developments.
