Bitcoin Surges to $123,810, Tests Critical Resistance
Bitcoin (BTC) is surging, trading at approximately $123,810, marking a 3.15% increase over the past 24 hours. This rise comes after a sharp breakout, pushing the cryptocurrency's btc price to a critical resistance zone. Bitcoin is currently testing this resistance level around $123,450 for the third time since July. If it breaks through, it could potentially retest its all-time high of around $124,000. However, a rejection at this level might trigger a pullback, presenting lower entry points for long-term investors. The current price hovers near $123,810, bolstered by increased trading volume and institutional demand. This breakout is seen as a potential catalyst for higher prices, with optimism fueled by ETF inflows and long-term investor accumulation. A confirmed breakout above the $123,450-$124,000 range could pave the way for a retest of Bitcoin's all-time high. Notably, Bitcoin has exhibited a cup-and-handle breakout, a bullish continuation pattern with a 60-70% success rate in trending markets. Bitcoin's price today stands near $123,810, displaying strength and potential for further growth. While a breakout could lead to new highs, a rejection at the resistance level might offer opportunities for long-term investors to enter the market at lower prices.
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