Bitcoin ( BTC ) may further pump to $128,000 and challenge $130,000.

Bitcoin (BTC) price has begun a new round of rise above the $116,500 range. BTC is currently up over 2%, hitting a new high and may further break through the $128,000 level.

Bitcoin price hits a new all-time high

Bitcoin price started a new pump after breaking through the resistance zone of 115,500 USD. BTC accelerated past the resistances of 116,000 USD and 118,500 USD.

The bulls even pushed Bitcoin to break through the $120,000 resistance zone. Bitcoin has formed a new historical all-time high at $122,550, and the price is currently consolidating above the 23.6% Fibonacci retracement level (from the low of $116,679 to the high of $122,550).

Bitcoin is now trading above 120,000 USD and has broken through the 100-hour simple moving average. Additionally, a bullish trend line is forming on the BTC/USD hourly chart, with support near 119,000 USD.

Short-term Resistance and Support Analysis

Upward Resistance: The current short-term resistance is at $122,550, and the next key resistance may be at $123,500. If the Bitcoin price breaks through $124,000, it may rise further and challenge the resistance at $128,000.

If it breaks through 128,000 USD, the price may continue to pump, with the target possibly around 128,800 USD. The final target could be 130,000 USD.

Bitcoin may experience a downward correction

If Bitcoin fails to break through the resistance zone of $122,500, it may start to experience a downward correction. The recent support level is around $121,500, while $119,500 is the first important support level, or the 50% Fibonacci retracement level.

The next support is at $119,000, and if it breaks below this level, the price may further retrace to the support at $118,500. $116,500 is the key support level, and if it breaks below this level, BTC may continue to decline.

Technical Indicator Analysis

• Hourly MACD: The MACD is currently accelerating in the bullish zone.
• Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above 50, indicating upward momentum in the market.
• Main resistance levels: $122,500, followed by $125,000.
• Main support levels: $121,500 and $119,000.