🟢 Bitcoin Eyes $120K Reclaim
Bitcoin showed renewed strength Thursday morning, gaining ~1% as bulls attempted to push past $120,000, a level not seen since mid‑August. This move has reignited hopes that price discovery is coming back into play.
Support around $117,300, established in recent weeks, is now being viewed as a springboard. Analysts suggest a retest of this zone could act as a confirmation before a higher push.
“Hold $118K from here, and new all‑time highs are next. Uptober is here,” wrote one trader on X.
“Now all I want is a daily close above $118K and a new ATH will happen in no time.” — another analyst comment
📊 Technicals Back the Rally
Some key signals bolster the bulls’ case:
- RSI on shorter timeframes has entered overbought territory, indicating strong momentum.
- The daily close above $117.3K would validate a breakout.
- Price has begun to carve higher highs, suggesting the previous downtrend may be over.
- Some traders see a possible retest of $117K before further upside.
If the push is sustained and breakout holds, traders are eyeing a run toward new all-time highs.
⚠️ Risks & What Could Derail the Move
- Liquidity zones under price pose a danger of pullbacks or false breaks.
- The “sell the news” phenomenon — if sentiment is already baked in, positive events may trigger short-term reversals.
- Macro shifts (interest rates, regulation, global markets) could temper exuberance.
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