Bitcoin (BTC) price prediction: target breakthrough $120,250 key resistance area

The price of Bitcoin is attempting to break through the resistance level of $118,500 and clear the key resistance area of $120,250 to gain short-term bullish momentum. If these key levels are broken, BTC may experience further pump.

Bitcoin price begins a new round of pump

The price of Bitcoin has started a new wave of pump after breaking through the $118,000 range. Currently, the price is steadily trading above $118,600 and is above the 100-hour simple moving average (SMA). On the hourly chart of BTC/USD, a key bullish trend line has formed, with the support level located around $118,200.

If Bitcoin can break through the $120,000 resistance level, it may trigger a new round of pump.

Bitcoin Price Short-term Pump Target

Bitcoin price previously started to pull back from the $120,250 resistance level, falling below $118,500 and testing the $118,000 support area. Nevertheless, the bulls in the market remain active, especially near the $117,500 support area.

Currently, the BTC price has steadily risen above $118,600 and remains above the 100-hour SMA. In the short term, the first key resistance level is around $119,300, while further resistance is in the $120,000 to $120,250 range. If the resistance at $120,250 is broken, the price is expected to rise and test the $122,500 area, with a further rise target possibly at $123,200.

If it does not break through the resistance level, Bitcoin may pull back again

If Bitcoin fails to break through the resistance level of $120,250, it may begin another pullback. The first support level at this time is around $118,500, followed by the $117,200 support zone, or the 76.4% Fibonacci retracement level located between $116,260 and $120,237.

If downward pressure increases further, the price may fall towards $116,250, and if it breaks this support, it may continue to seek support at $115,000, with the final main support level at $113,500.

Technical Indicator Analysis:

• Hourly MACD: The MACD is accelerating within the bullish range, indicating stronger pump momentum.
• Hourly RSI (Relative Strength Index): The current RSI for BTC/USD is above 50, indicating relative strength in the market.

Main support levels: $118,250 and $116,250.

Main resistance levels: $119,250 and $120,250.