Crypto Craziness: BTC Hits $120K!

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And so, dear friends, it has come to pass. The prophecy has been fulfilled, and the Bitcoin price has reached the dizzying heights of $120,000 🚀. The bulls, those mighty and fearless creatures, have once again made history, leaving all the doubters and naysayers in their dust 😂.

  • It began innocently enough: a fresh increase above the $118,500 zone, a mere trifle for the mighty Bitcoin.
  • The price, now a raging bull, burst forth from its cage, leaving the 100 hourly Simple moving average in its wake.
  • A bullish trend line, a mighty fortress of support, formed at $119,000 on the hourly chart of the BTC/USD pair.
  • The pair, now unstoppable, could continue to rise, a juggernaut of cryptocurrency, if it clears the $122,000 resistance zone.

And so, the Bitcoin price sets a new all-time high, a feat worthy of the gods 🙌. The bulls, those masters of the universe, pumped the pair above the $120,000 resistance zone, a mere speed bump on the road to greatness.

A new all-time high was formed at $122,550, and the price, now a consolidating force, gathers its strength above the 23.6% Fib retracement level of the upward move from the $116,679 swing low to the $122,550 high.

Bitcoin, the king of cryptocurrencies, now trades above $120,000 and the 100 hourly Simple moving average, a double-edged sword of power and precision.

Immediate resistance on the upside, a mere mortal’s challenge, is near the $122,550 level. The first key resistance, a formidable foe, is near the $123,500 level. The next resistance, a behemoth of a challenge, could be $124,000.

A close above the $124,000 resistance, a feat worthy of the gods, might send the price further higher, a never-ending staircase of greatness. In the stated case, the price could rise and test the $128,000 resistance level, a challenge worthy of the brave and the bold.

Any more gains, a mere formality, might send the price toward the $128,800 level, a stepping stone to greatness. The main target, a holy grail of cryptocurrency, could be $130,000.

But, alas, dear friends, all is not sunshine and rainbows. A downside correction, a mere mortal’s fear, could start if Bitcoin fails to rise above the $122,500 resistance zone.

Immediate support, a comforting presence, is near the $121,500 level. The first major support, a sturdy shield, is near the $119,500 level or the 50% Fib retracement level of the upward move from the $116,679 swing low to the $122,550 high.

The next support, a reassuring friend, is now near the $119,000 zone. Any more losses, a mere trifle, might send the price toward the $118,500 support in the near term. The main support, a fortress of strength, sits at $116,500, below which BTC might continue to move down.

And so, dear friends, the technical indicators, those mystical signs and portents, reveal their secrets:

Hourly MACD – The MACD, a mighty and powerful force, is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI, a trusty and faithful companion, is now above the 50 level.

Major Support Levels – $122,500, followed by $125,000, a duo of mighty pillars.

Major Resistance Levels – $121,500 and $119,000, a pair of formidable foes.

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2025-07-14 09:06