Traders say Bitcoin’s ‘bullish’ weekly shut units path for $120K BTC worth

5 Min Read


Key takeaways:

  • Bitcoin’s weekly shut above $115,000 alerts bullish energy. 

  • BTC’s bull flag breakout might set off a rally to $120,000.

Bitcoin (BTC) may even see additional upside over the subsequent few days after BTC/USD ended the second week within the inexperienced above $115,000, based on analysts.

Why Bitcoin is bullish above $115,000

Bitcoin worth accomplished its second consecutive week of beneficial properties on Sunday, 8% above its Aug. 30 low of $107,270, per information from Cointelegraph Markets Pro and TradingView

Bitcoin reclaimed the essential stage of $115,000, which has capped the worth since Aug. 24.

BTC/USD weekly chart. Source: Cointelegraph/TradingView

Trader Titan of Crypto famous that $115,000 was the important thing stage to look at on the weekly timeframe.

Related: Bitcoin whale is dumping once more as BTC flatlines at $116K

An accompanying chart revealed that this stage aligned with the Tenkan, a line within the Ichimoku Cloud indicator that identifies short-term momentum and potential development adjustments. 

“A confirmed weekly shut above it could strongly reinforce the bullish case for #BTC.”

BTC/USD weekly chart. Source: Titan of Crypto

Historically, the worth breaking above the Tekan usually alerts a short-term uptrend, particularly when the Cloud itself is within the bullish territory and the worth trades above it.

Most just lately, the BTC/USD pair rallied 44% to the present all-time highs above $124,500 after the worth crossed above the Tenkan in late April.

Analyst AlphaBTC mentioned BTC/USD should maintain above $115,000, significantly with volatility anticipated forward of FOMC this week.

“A faucet of $118K is probably going initially of the week.”

As Cointelegraph reported, Bitcoin ought to pay shut consideration to the $115,000 psychological stage going right into a key macro week.

BTC worth to $120,000 subsequent?

The upcoming FOMC determination on Wednesday, with a 94% probability of a 25 bps fee minimize, is a key driver of potential beneficial properties for Bitcoin. Lowering rates of interest has traditionally boosted threat belongings like BTC, and a dovish tone from Fed Chair Jerome Powell’s speech after the assembly might propel Bitcoin’s worth towards $120,000

From a technical perspective, the BTC/USD pair traded inside a bull flag on the four-hour chart, as proven under.

A four-hour candlestick shut above the flag at $115,800 would verify a bullish breakout, paving the best way for a run-up to the technical goal of the prevailing chart sample at $122,000. Such a transfer would deliver the overall beneficial properties to six% from the present ranges.

BTC/USD four-hour chart. Source: Cointelegraph/TradingView

The 50-period and 200-period easy transferring averages validated a “golden gross” on Sunday, additional reinforcing BTC’s upside potential. 

Several analysts undertaking Bitcoin’s short-term rally to $120,000 primarily based on bullish futures information and a potential breakout from an inverse head-and-shoulders sample.

 Analysts like Jelle undertaking a 35% rally to $155,000, citing a bullish sign from the weekly Stochastic RSI. 

This article doesn’t comprise funding recommendation or suggestions. Every funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.





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