Bitcoin Primed for Another Bull Run – Here’s Why Momentum Is Exploding

Bitcoin’s back—and this time, it’s got the charts screaming bullish. After weeks of consolidation, the king of crypto is revving up for what could be its next major ascent. Traders are piling in, liquidity’s thickening, and even the skeptics are side-eyeing their fiat portfolios.

The Setup: Technicals Align

RSI’s ticking toward overbought, but in crypto-land, that just means the party’s starting. Key resistance levels? Toasted like a meme coin with no dev team. The $70K psychological barrier? More like a speed bump.

The Catalyst: Institutional FOMO

BlackRock’s ETF inflows aren’t slowing down, and suddenly every hedge fund manager who mocked crypto in 2022 is now quietly allocating 1%—for ‘diversification,’ of course. Wink, wink.

The Punchline: History Rhymes

Bitcoin doesn’t do slow and steady. When it moves, it’s a parabola or a bloodbath—no in-between. And right now? The algos are sniffing another leg up. Just don’t tell the SEC.

Closing Thought: The market’s pricing in rate cuts like they’re free Bitcoin—which, ironically, might be the only thing Wall Street understands anymore.

Bitcoin Price Eyes Upside Break

Bitcoin price started a downside correction from the $119,796 high. BTC declined below the $119,000 and $118,500 support levels to enter a short-term bearish zone.

The bears pushed the price below the 50% Fib retracement level of the upward MOVE from the $114,733 swing low to the $119,796 high. The decline gained pace and the price even spiked toward the $116,000 support zone where the bulls appeared.

They protected the 76.4% Fib retracement level of the upward move from the $114,733 swing low to the $119,796 high. The price is again rising above $118,000. Bitcoin is now trading near $118,500 and the 100 hourly Simple moving average.

Immediate resistance on the upside is NEAR the $118,620 level. There is also a bearish trend line forming with resistance at $118,620 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $119,200 level. The next resistance could be $119,800. A close above the $119,800 resistance might send the price further higher. In the stated case, the price could rise and test the $120,500 resistance level. Any more gains might send the price toward the $122,500 level. The main target could be $123,200.

Another Decline In BTC?

If bitcoin fails to rise above the $118,620 resistance zone, it could start another decline. Immediate support is near the $117,500 level. The first major support is near the $116,250 level.

The next support is now near the $116,000 zone. Any more losses might send the price toward the $114,500 support in the near term. The main support sits at $113,500, below which BTC might continue to move down.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $117,500, followed by $116,250.

Major Resistance Levels – $118,620 and $119,800.