news 
Bitcoin Price Analysis: BTC Breaks Above $100K, Is $120K Next?
The cryptocurrency market is in a state of frenzy as Bitcoin’s price has finally broken above the crucial $100K resistance level. This significant move has raised many questions about the potential next target for the asset. In this article, we will analyze the recent price action and provide insights into what could happen next.
Firstly, let’s take a look at the daily chart. The market has consistently been making higher highs and lows since rebounding from the $52K support level. It has also broken above several resistance levels and now sits well above the resistance of $100,000. Meanwhile, the RSI is showing clear bullish momentum, and it’s likely for the market to finally decisively conquer $100K and move toward the $120K psychological resistance zone.
Moving on to the 4-hour chart, we can see that the market has been climbing higher inside a large ascending channel. However, with the lower boundary of the pattern remaining intact, the market is now paving its way toward the higher trendline and potentially the $105K level in the short term. A breakout above the ascending channel is likely to lead to an aggressive rally higher.
Finally, let’s take a look at on-chain analysis provided by Coinbase Premium Index. This metric measures the relative buying and selling pressure on Coinbase compared to Binance. As the chart demonstrates, the index has shown highly positive values over the last couple of months, indicating the buying pressure from US investors post-election, which is likely responsible for the market’s recent rally. As long as this metric shows positive readings, BTC could expect more upside.
In conclusion, based on our technical analysis and the presented on-chain data, it seems that Bitcoin may be heading towards $120K in the near future.
Source: cryptopotato.com
