Bitcoin poised to test $135,000 After Clearing Major Resistance
Bitcoin is climbing steadily, having surpassed several key resistance levels. This bullish move puts it right in front of its all-time high, with potential for even more growth toward $135,000.
A few vital technical points stand out:
- Current Support Level: $119,000 maintains the bullish trend.
- Immediate Objective: The high-resistance zone beyond the all-time high.
- Potential Outcome: Rejection might cause a pullback toward $100,000.
The chart shows Bitcoin’s price approaching the upper end of its trading channel, at around $135,000. By breaking past earlier resistance levels, Bitcoin is now closing in on the channel’s highest resistance area.
Historically, Bitcoin often hesitates or even reverses onc it reaches strong resistance zones. A rejection here woudl probably lead to consolidation between $100,000 and $135,000. Though, maintaining support at $119,000 keeps the bullish momentum alive. Falling below this level could signal deeper corrections.
Bitcoin looks set to test the channel’s upper limit. If rejected, expect a range-bound period. Traders should monitor buying pressure as BTC approaches this critical zone. Strong continued buying could drive prices higher; otherwise,prepare for potential volatility.
