Bitcoin bulls charge at $120K with traders expecting new all-time high

Bitcoin price approached $120,000 for the first time since mid-August, showing bullish momentum as traders were eager for price discovery. The cryptocurrency gained 1% at the Wall Street open, solidifying support close to the $120,000 mark. Analysts noted that even minor pullbacks could merely retest around $117,000, indicating a potential break toward new all-time highs. Technical indicators such as the relative strength index (RSI) have shown bullish divergences, suggesting that new highs are likely. Popular traders expressed optimism, emphasizing the importance of maintaining support around $118,000 to confirm a new upward trend. The sentiment in the market is that Bitcoin's recent correction phase has ended, setting the stage for a possible rally towards higher targets. RSI data indicated that Bitcoin was in 'overbought' territory, further feeding the expectation for an imminent price discovery phase. As Bitcoin price action remains strong, traders are watching closely for any critical levels that could dictate future movements.

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