Bitcoin established a new all-time high at $123,973. Technical indicators suggest the potential for further growth towards the $125,000 resistance level.
Market Momentum
The world's largest cryptocurrency by market capitalization solidified its position above $118,500 and began a new upward trend, breaking above $120,000 and $120,500. The breakthrough led to a new record high at $123,973, with trading data from Kraken indicating consolidation above the 23.6% Fibonacci retracement level.
Resistance Levels and Price Targets
Bitcoin faces immediate resistance at $124,000, with significant levels at $124,500 and $125,000. A close above $125,000 could trigger additional momentum, potentially pushing the coin towards $126,250 and then to $127,000. Analysts identify $128,000 as the primary target for upward movement.
Support Structure Analysis
Should Bitcoin fail to breach the $124,000 resistance zone, corrective action may be required. Initial support appears around $122,750 with the first major support level at $121,500. Key support levels include $120,200 and $117,500, but the current market structure suggests limited downside potential.
Bitcoin's new record at $123,973 reflects ongoing interest in cryptocurrencies. Technical indicators suggest the potential for growth towards the $128,000 target, although key resistance levels at $124,000 and $125,000 must be overcome first.
