Bitcoin Records New ATH as Analysts Target $120K–$121K for Short-Term Buys

• Bitcoin holds bullish momentum with $120K–$121K as a key dip-buying zone.
• RSI and MACD signal potential for another push toward $124K–$126K.
• Strong trading volume supports sustained upward price pressure.

Analyst Michaël van de Poppe noted that Bitcoin’s trend “is clearly up until proven otherwise” after the cryptocurrency set a new all-time high. He highlighted $120,000–$121,000 as a possible day trading zone for dip buying, highlighting the current bullish momentum and market focus on key support levels.

The 4-hour chart shows that Bitcoin’s rally surged after reclaiming the $114,755.5 resistance zone and holding above it. Price action gained momentum when the $116,913.3 level was cleared, driving a surge to $123,800. This breakout coincided with liquidity being taken from prior highs, highlighted as a green zone on the chart.

Before the rally, the market consolidated in a descending pattern, with liquidity building below the mid-range. The break of resistance led to heightened buying interest, supported by increased trading volume. However, the RSI remained high but stayed below the overbought value, suggesting scope for continuation alongside the possibility of short-term pullbacks.

Volume Strength and Market Data

Bitcoin is currently trading at $121,804.83, up 1.45% over the past 24 hours. The market capitalization stands at $2.42 trillion, while 24-hour trading volume has risen 32.05% to $97.63 billion. The circulating supply is 19.9 million BTC, near the 21 million limit, with a fully diluted valuation of $2.55 trillion.

Source: CoinMarketCap

Over the last day, Bitcoin’s price action rose from $119,940 to above $124,000 before declining. The strongest upward movement occurred late in the previous session, pushing BTC past $123,000 before easing to current levels. The volume-to-market-cap ratio of 4.07% shows high participation in the move.

Bitcoin Technical Indicators Point to Further Upside Potential

The daily RSI is at 63.99, above the neutral 50 mark, signaling strong buying momentum without yet entering overbought territory. The 14-day moving average is at 53.34, acting as a support level. Sustained RSI growth could lead to another test of the $123,700–$124,000 range.

Source: TradingView

The MACD provides additional bullish confirmation, with the MACD line at 1,478.48 positioned above the signal line at 931.28. The bullish crossover in early August has been followed by an expanding histogram, suggesting ongoing upward pressure. If momentum holds, as highlighted in our previous report, Bitcoin may attempt to advance toward $126,000. If selling pressure rises, a retest of the $118,000–$120,000 range remains possible.