Bitcoin bulls charge at $120K with traders expecting new all-time high

This article talks about how Bitcoin is pushing toward $120,000 and how traders believe a new all-time high is coming soon. It covers momentum, technical signals, and market optimism in the crypto world. Bitcoin Aims to Hit $120K Bitcoin’s price is gaining strength, up around 1 percent in a session, as bulls challenge the $120,000 mark. This move is fueling hopes that new highs are just ahead. The market hasn’t seen a sustained pullback lately, which helps support this push. What Traders Are Watching Traders and analysts are eyeing key levels and chart signals: • If Bitcoin closes daily above ~$117,300, it may confirm entry into the $117,300–$120K range. • Some see $118,000 as a critical breakout level — if it holds, a new all-time high could follow. • Recent higher highs in daily charts suggest that the downtrend might be over. Many believe that this momentum supports continuation upward, rather than retreating downward. Technical Signals & Indicators Technical analysis is reinforcing optimism: • The RSI (Relative Strength Index) has climbed into “overbought” zones in short timeframes, showing strong buying pressure. • Analysts mention bullish divergences on multiple timeframe charts (1h, 2h, 4h), which often precede upward moves. • Bitcoin has moved above its anchored volume-weighted average price (AVWAP), a measure showing where volume has weighted averages, signaling strength. These indicators suggest that while momentum is high, some levels may act as resistance before further gains. What’s Missing — Price Discovery Some analysts say what remains absent is “price discovery” — meaning Bitcoin has yet to explore fresh highs beyond previous peaks. Once price discovery happens, the path to a new all-time high becomes more likely, according to the article. The sentiment is that bullish momentum is already there; the missing piece is clear runway for new highs. Risks & Things to Be Mindful Of Even in strong upholds, risks remain: • Overbought conditions can lead to short-term pullbacks or corrections. • Resistance may appear around psychological or technical barriers like $120K. • If support (e.g. $118K) fails, some traders might hesitate or pull back. • External macro events, regulation, or sentiment shifts could dampen momentum. Traders will likely monitor near-term dips as possible retest zones or consolidation phases. Final Thoughts The current market shows strong bullish sentiment for Bitcoin. With key levels like $118K and $117,300 holding, many believe new all-time highs are within reach. But momentum, technicals, and trader conviction will all need to align—and price discovery must break through—in order for Bitcoin to reach those new peaks.