Hello everyone,
Bitcoin has just experienced an explosive week, breaking the 120,000 USD mark and reaching a new high of 122,148 USD. Afterwards, it retraced slightly to around 121,600 USD – a natural pause after a strong rally, not yet a reversal signal.
Macro factors continue to provide momentum for the cryptocurrency. The prolonged US government shutdown weakens the USD, while expectations that the Fed may cut rates by year-end reduce further pressure from the greenback. Additionally, institutional inflows and global uncertainty have reinforced Bitcoin’s safe-haven appeal, maintaining strong market interest.
On the chart, the bullish structure remains evident. The 120,000 – 118,500 USD zone serves as critical support, strengthened by previous FVG levels and the Ichimoku cloud maintaining a positive bias. Only a break below this range would introduce the risk of a deeper correction.
In the preferred scenario, Bitcoin could continue towards 123,000 USD, and further to 125,000 – 128,000 USD if support holds. Conversely, if it falls below 118,500 USD, profit-taking pressure could drive prices to 117,800 – 116,000 USD before buyers return.
Overall, the main trend remains upward, with the 120,000 – 118,500 USD zone key to sustaining momentum. Do you think BTC/USD can surpass 125,000 USD this week, or will it need another corrective move first?
