BTCUSD – Bulls surge past 120K, approaching record highs
BTCUSD broke decisively above the psychological 120K mark on Monday, reaching its highest level in nearly a month at 122,300.
The rebound from the 112K zone—marking both a higher base and the bottom of the pullback from the record high—has sharply accelerated over the past two sessions, retracing more than 76.4% of the 123,261 to 111,871 drop, suggesting the corrective phase could be nearing an end.
The latest surge was fueled by renewed institutional buying, heightened expectations of Fed rate cuts following weaker-than-expected US labor data, and a weaker dollar—factors that generally support crypto markets. Additional tailwinds came from notable positive shifts in US crypto market regulations.
The return above 120K reinforces the bullish technical outlook, with price action supported by a thickening ascending daily cloud, a looming Tenkan/Kijun-sen bull cross, and strong momentum. Still, an overbought stochastic warns of potential resistance as the price approaches the record high.
On the hourly chart, signs of a minor pullback from session highs are emerging. Any corrective move is expected to hold above the reclaimed 120K level—now strong support—to preserve the broader bullish bias and set the stage for another push higher toward the 123,261 peak.
A break above this level would confirm strong bullish control and open the path toward uncharted territory, with Fibonacci projections at 126,000 and 127,600, followed by the key psychological 130K milestone.
Res: 122300; 123261; 126000; 127600
Sup: 120573; 120000; 118910; 118000
