Aayush Jindal
Key Highlights
- Bitcoin rallied once again and traded to a new all-time high above $125,000.
- BTC/USD is trading above a key bullish trend line with support at $123,600 on the 4-hour chart.
- Ethereum also started a decent increase above $4,600.
- XRP price is struggling to settle and gain pace above $3.00.
Bitcoin Price Technical Analysis
Bitcoin price remained stable above $115,000 against the US Dollar. BTC started a fresh increase above $120,000 and traded to a new all-time high above $125,000.
Looking at the 4-hour chart, the price followed a bullish path and tested $126,250 before there was a minor pullback. However, the bulls remain in action above $122,000. Besides, there is a key bullish trend line with support at $123,600.
The price is now well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). Immediate support sits at $123,600 and the trend line.
A downside break below the trend line might send BTC toward the $121,750 support. Any more losses might call for an extended decline toward the $120,000 support zone. On the upside, the price now faces resistance near the $125,800 level.
The main hurdle is now forming near $126,500. A successful close above $126,500 might start another steady increase. In the stated case, the price may perhaps rise toward the $128,500 level. Any more gains might call for a test of $130,000.
Looking at Ethereum, the price was able to follow Bitcoin and climbed above the $4,600 resistance region.
Today’s Key Economic Releases
- Fed's Bowman speech.
- Fed's Miran speech.
- Fed's Kashkari speech.
