BTC price action gained another 1% as bulls took on the $120,000 mark for the first time since mid-August, adding to hopes of new all-time highs.
Market Update
Key points:
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Bitcoin aims for a $120,000 reclaim as bullish momentum continues at the Wall Street open.
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Traders are eager for price discovery, seeing this as increasingly likely.
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RSI heads higher with price without sparking a sustained support retest.
Bitcoin () approached $120,000 at Thursday’s Wall Street open as bearish BTC price takes gave way to all-time highs “next.”
Bitcoin traders prepare for price discovery
Data from and showed BTC/USD gaining another 1% on the day.
With no major pullbacks overnight, the pair cemented support to come ever close to price discovery after more than six weeks.
Reacting, popular trader and analyst Rekt Capital stressed that even a consolidation move may only retest $117,000.
“Bitcoin has Daily Closed above $117.3k (blue),” he alongside an explanatory chart on X.
“Any dips into blue, if at all necessary, would constitute a post-breakout retest to fully confirm re-entry into the blue-black range of $117.3k-$120k.”
Popular trader Jelle was equally keen to see a fresh move higher from new support.
“So far, Bitcoin is moving exactly as planned,” he X followers while updating a strategy with $118,000 as the key breakthrough level.
“Hold $118k from here, and new all-time highs are next. Uptober is here.”
Fellow trader BitBull suggested that the past six weeks of corrective price behavior had now come to an end.
“$BTC has now made a higher high on the daily time frame. This is a major sign that the downtrend is now over,” he .
“Now all I want is a daily close above $118K and a new ATH will happen in no time.”
BTC price all-time high “only thing missing”
Earlier, on early signals from the relative strength index (), which on short timeframes had entered “overbought” territory.
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On the four-hour chart, RSI subsequently made a marginally higher high, hitting 82.3 — its most “overbought” since mid-July.
Discussing RSI, Caleb Franzen, creator of financial research resource Cubic Analytics, argued that new all-time highs were still probable thanks to previous bullish divergences.
“After all of the bullish RSI divergences on 1, 2, and 4-hour timeframes, I think this will happen sooner than later,” part of an X post .
Franzen added that BTC/USD had crossed its anchored volume-weighted average price (AVWAP) — a representation of average price weighted by volume over a specific time period.
Price discovery, he concluded, was now the “only thing missing” from the bullish mix.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
