Bitcoin in the Blazing Ballroom: Will It Tango Past $120k?

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Key Takeaways

What is the Bitcoin price forecast this week?

The thing is this, old bean: the $124k neighborhood is likely to swing into the role of a sturdy base, like a well-polished boot polished by a pennyfarthing. Yet there’s a smidgeon of a chance that a cheeky retest to $119k might occur, what with it being a venerable moving average and all that.

Do metrics and technical indicators support a price rally?

Yes, the Money Flow Index has sauntered down to offerings of healthy bullish vibes, and the mean coin age suggests BTC is being hoarded with a noble sort of persistence. 🚀💼

Bitcoin [BTC] made a new all-time high on Sunday, the 5th of October, reaching $125,599. Over the past 24 hours, it saw a slight pullback to $122.8k. At press time, it was trading at $123,974. 😎

The four-hour chart shows that the $124.5k level has been a key local high in recent weeks. Sunday’s rally was sprightly but brief, and this level wasn’t pressed into service as real support.

Nevertheless, it indicated that the supply overhead looked a touch weakened, as if the ceiling had decided to take a day off.

On X, crypto analyst Ali Martinez pointed out that the $117k level is an important demand zone, a claim backed by the UTXO realized price distribution.

Another popular analyst, CrypNuevo, highlighted the potential for a pullback toward the 4-hour 50-period simple moving average. At the time of writing, the H4 50SMA stood at $119k.

The MFI, according to the H4 chart above, did not reflect overextended conditions. It has pulled back to healthy levels after breezing past the overbought 80 mark on Sunday. 💡

Will Bitcoin continue its rally this week, or should traders await a prudent dip? 🤔

“Heated” zone could delay or halt Bitcoin rally

Based on the short-term holder MVRV Bollinger Bands, recent Bitcoin buyers were not exactly lounging in the lap of extreme profitability, which would signal a potential market correction with a theatrical sigh.

The “heated” level was at $126.6k at the time of writing. The heated zone has served as a soft barrier for BTC prices, much like a courteous doorman, such as in mid-August, most recently.

The mean coin age represents the average age of all coins on a network. A rising MCA implies steady accumulation, while a dip shows increased coin movement and selling pressure. 🕰️

Since August, this metric has been climbing higher, reflecting network-wide accumulation. Despite a new ATH, holders did not opt to sell in a frenzy, which was a sign of conviction.

AMBCrypto reported that a 7% rally beyond $125k, targeting $133.6k, was a likelihood. Fibonacci extension levels showed $139k as a possibility in the coming weeks. 💥

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2025-10-06 17:46