Bitcoin (BTC) surged to an unprecedented high of $119,999 on Monday, putting the flagship cryptocurrency within striking distance of the long-awaited $120,000 milestone. Fueled by strong technical momentum and a wave of bullish sentiment, BTC is now setting its sights on the next key target near $132,000.
BTC Momentum Stays Strong as Bulls Take Charge
After breaking out into price discovery earlier this month, Bitcoin has maintained its upward trajectory, gaining over 60% from its April low of $74,508. Monday’s Asian trading session saw BTC reach a fresh all-time high, cementing its position as the dominant force in the crypto market.
Technical indicators continue to support the rally:
- RSI on the daily chart stands at 76, reflecting overbought but still strong momentum.
- MACD histogram bars remain bullish, indicating continued upward pressure.
- The next key resistance is projected at $132,372, aligning with the 127.2% Fibonacci extension of the previous rally.
Fair Value Gap Offers Support if Correction Hits
While the trend remains bullish, analysts caution that a brief pullback could emerge. If Bitcoin fails to sustain above current levels, $115,222 – the lower boundary of a Fair Value Gap (FVG) – is expected to act as a critical support zone before any deeper retracement.
Derivatives Market Reflects Bullish Bias
Data from crypto derivatives platforms shows over $76 million in short positions liquidated in the last 24 hours. The long/short ratio remains above 1.0, signaling that more traders are positioning for continued upside.
This aggressive short squeeze has amplified the rally and could propel Bitcoin even higher if momentum holds.
Macro Factors in Focus This Week
Bitcoin’s rally comes amid a relatively quiet macro backdrop, though upcoming inflation and retail sales data could introduce volatility. Traders are closely watching how risk assets respond to broader economic signals and any potential shifts in Federal Reserve policy.
Bottom Line:
Bitcoin is rapidly approaching the $120,000 level with strong bullish confirmation on both charts and sentiment. A breakout above this psychological barrier could trigger a swift move toward $132,000, while dips may be seen as buying opportunities near $115,000.
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